Britons becoming disillusioned with housing market

Many young Britons are still confident that they will be able to get onto the housing ladder sooner rather than later, but they will soon become more disillusioned over their prospects if trends unearthed by Endsleigh are anything to go by.

Three quarters of 23 to 26-year-olds believe they will be able to buy a home within the next five years, yet just half of 31 to 35-year-olds have been able to do so, according to new research from the insurer.

Thirty-nine per cent of 31 to 35-year-olds still rent, while six per cent still living with their parents, trends which have likely contributed to a fifth of the demographic saying that they now believe they will never own their own property.

"Huge numbers of young professionals across the country are finding it simply too expensive to get on the property ladder and are choosing to rent, or live with their parents, into their 30s as a result," outlined Endsleigh spokesperson Stuart Wartalski.

Financial conditions for first-time buyers are now at their worst levels for 16 years, the Council of Mortgage Lenders revealed last week.

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