article_snippet.sent: Many Britons have given up on Many Britons dream of owning a home amid high house prices and poor pay rises, research has found .
article_snippet.sent: Many Britons have given up on Many Britons dream of owning a home amid high house prices and poor pay rises, a study shows.
article_snippet.sent: According to research from Halifax, three-quarters of UK renters also fear three-quarters of UK renters will never be able to afford to buy three-quarters of UK renters own house.
article_snippet.sent: The mortgage lender’s report, called Generation Rent, said the data ‘strengthens the view’ that more people may be giving up on the idea of owning more people own home and are instead accepting the idea of long-term renting.
article_snippet.sent: more people said if people believe buying a house is completely unobtainable, ‘a lower level of homeownership will become the new normal’ and ‘the presumption that the UK is obsessed with homeownership may soon become a myth’.
article_snippet.sent: The survey found the three most common barriers to home ownership were the size of the deposit needed, high property prices and low incomes.
article_snippet.sent: But even then, owning a home remains out of reach for many.
article_snippet.sent: Three-quarters of those surveyed also thought banks were reluctant to lend to first-time buyers.
article_snippet.sent: But Craig McKinlay, mortgages director at Halifax, said: ‘While there has been an increase in first-time buyers in the last 12 months, at the same time there is also a growing group of young people who believe they won’t be able to get a mortgage.
article_snippet.sent: ‘The difference between the reality and they perception needs to be addressed urgently if we are to prevent people from giving up on getting on the housing ladder.
highlights_snippet.sent: Also found that three-quarters of UK renters fear three-quarters of UK renters will never be able to afford to buy three-quarters of UK renters own house .