Four in five (78%) Brits aged between 18-30 years old don’t believe they’ll ever be in a position to own their own home, research by money saving website VoucherCodesPro suggests.
People wanting to own their own home have on average £6,700 in savings ready to pay their deposit, and feel owning their own home will mean they can fully support their family.
The study of over 2,000 Brits, whom all have a full-time job and don’t own a home, found 78% thought they could never save enough for a deposit.
Some 71% said they don’t earn enough to be able to get a mortgage and 52% thought their credit history wasn’t good enough.
George Charles, spokesperson for VoucherCodesPro, said: “Many Britons want to own their own home for financial security and to be able to support their families, knowing that if anything were to happen they’d be protected.
“It also removes the risk of landlords asking you to move out so they can sell, and so on. It’s sad to hear that so many British adults are convinced they’ll never own their own home, but with deposits being so high, additional costs sneaking up on you and housing prices where they’re at, we can see why so many feel this way.
“It is more financially beneficial in the long run to own your own home though; with renting you’re constantly paying someone else, whereas once you’ve paid your mortgage off you’ll have more disposable income to yourself.”
Some 36% though baby boomers have made life difficult for millennials and 28% said that they wouldn’t be able to afford the maintenance on the property.
Of the 22% who do believe they will one day own their own home, just over half (52%) have already begun saving, with the average amount of savings currently in place revealed as £6,700.
When asked what owning their own home would mean to them, 42% cited “I would financially be able to support my family” and 31% “I’d feel like I succeeded”.
As many as 37% said they “live at home with parents”, 26% “renting with my partner”, 19% “renting with friends/housemates” and 18% “renting alone”.
Those who live at home with their parents pay on average £220 per month on rent, whilst those who rent elsewhere pay on average £625 per month on rent.