Property-ownership dream 'abandoned' by many first-timers

31-Jul-2008

Many first-time buyers are being forced to abandon the "rite of passage" that is purchasing their own property, it has been claimed.

Louise Cuming, the head of mortgages at comparison site moneysupermarket.com, said rising living costs and a scarcity of affordable mortgages has led millions to give up trying to get on the property ladder.

Research by her website revealed one in four respondents believe they will never own their own home - even though they would "love" to do so.

"Owning your first property used to be a rite of passage, but nowadays the challenge is to save enough to cover the deposit, stamp duty and fees, not to mention the worry of affording the mortgage," remarked Ms Cuming.

"It is no wonder owning your own home seems to be a fading dream."

The financial analyst concluded by suggesting that home ownership being ruled out by so many people will have "dire consequences" for the property market, which needs first-time buyers to return.

In his new report addressing the difficulties facing the UK's mortgage market, former HBOS chief executive Sir James Crosby predicts that a shortage of mortgages will persist for at least three more years.

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