Homeownership now an "unrealistic dream"

Nearly half of Britons believe that homeownership is now an unrealistic dream, a new study shows.

One in 10 Brits expects to be over 40 before they are able to call themselves a homeowner.

New research from insurer Swiftcover also showed that 43% of those aspiring towards their first home feel frustrated about the current housing market, while a third also feel depressed and helpless.

There is also a dismaying lack of understanding about schemes designed to help people get on the housing ladder, with half unaware of any schemes aimed at helping first-time buyers.

Faced with the current UK property market, nearly two thirds of 18-35 year olds say they would consider moving country.

Swiftcover said the research shows the impact the current housing crisis is having on those struggling to get on to the property ladder.

Some 60% of those yet to purchase their first home felt that it would be impossible for singletons to take their first step on the property ladder without help.

Over half of respondents recalled their parents purchasing their first home before they turned 30, a stark contrast to today’s housing crisis.

Roman Bryl, brand and proposition manager at Swiftcover said: “The lengths Britain’s first-time buyers are willing to go to in order to get a deposit together illustrates exactly how tough today’s property market has become.”