Leeds home ownership dreams '˜fading'

Nearly half of people in Leeds who have not managed to climb on to the property ladder by their mid-thirties doubt they will ever be able to do so, a report has found.

Thursday, 24th March 2016, 8:21 am
Updated Thursday, 24th March 2016, 8:22 am

The research from Yorkshire Building Society found 49 per cent of people aged 35 to 40 who are not homeowners but would like to be think it is now “unlikely” or “very unlikely” they will ever own a property.

The survey, carried out by NatCen Social Research, found that more than two-thirds of young adults aged 18 to 40 felt owning their own home was crucial to feeling that they had succeeded in life, as well as a source of social and financial security.

Nearly a third of non-homeowners aged 35 to 40 have completely given up even trying to buy a home due to affordability issues, the research found.

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It said this is equivalent to around half a million people across the UK expecting never to be able to afford to own their own home.

Andy Caton, executive director of Yorkshire Building Society, said: “It is very sad to see how the hope of owning a home is fading for so many, especially as people approach their mid-thirties.

“Hundreds of thousands 
of adults across the UK feel unable to reach this important milestone in their lives, with many reaching the conclusion that they will never be able 
to buy their own home like 
their parents and grandparents did.”