Homeownership ''will always be out of reach for many''

By MoneyhighStreet Staff. Published on July 29, 2008 This post currently has no comments.

Moving home
A growing number of people from the UK think they will never be able to get a mortgage and onto the property ladder, a new report has claimed.

Research from website moneysupermarket.com found that a quarter of Britons think that they will never have the money to obtain a mortgage and buy their own property.

A further 11 per cent said they believed they would never own a property through their own choice.

Louise Cuming, head of mortgages at moneysupermarket.com, commented that it was "deeply concerning" that so many people thought homeownership would remain beyond them.

"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," she explained.

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

Figures from the Council of Mortgage Lenders showed that gross lending fell three per cent in June to £23.8 billion.