UK is a two-tier society when it comes to property
Nearly one in four (23%) only expect to be able to buy in partnership with someone else due to the shortage of affordable homes, while 17% have given up on homeownership all together.
With annual housing construction totalling 134,460 per year and population growth exceeding 400,000, one in five (18%) blame the government for the lack of supply while 14% point the finger at buy-to-let landlords.
One in 10 (12%) adults admit being angry at not being able to buy in the neighbourhood where they grew up, as three in 10 (29%) said they would have to borrow from friends or family to live at their chosen location.
Matt Sanders, spokesperson for Gocompare.com Mortgages, said: ‘It’s easy to see why people feel so frustrated with the UK’s housing market.
‘Not only are there not enough houses being built, but people face having to move away from their friends, families and hometowns if they want to buy a home of their own.
‘It’s clear that the government needs to do more to help address the lack of affordable housing if people are to take part in that most British of pursuits – owning a home. Everyone has a right to buy, but not everyone has the ability to do so.
‘Schemes like Help to Buy have been successful, but this won’t be sustainable if the issue of property availability isn’t also tackled.’
Of those looking to buy a fifth (20%) have had to expand their search to towns and cities outside their preferred area, while 14% have come to the realisation that if they want to live in their chosen region they’ll have to rent.
Potential buyers are willing to move an average 26 miles from their preferred location to find an affordable home, while over a fifth (21%) are willing to search between 26 and 50 miles.