Survey reveals homeowner fear

A new survey has shown that as many as 36 per cent of the population believe they will never own their own home.

The study by price comparison site Moneysupermarket.com showed that in addition to 11 per cent of people stating they will choose not to own a home, 25 per cent fear they will never be able to afford it despite wanting to get on the ladder.

Head of mortgages at Moneysupermarket.com Louise Cuming commented: "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."

One solution to the problems of affordability could be the self build method, which those who undertake it may find can help them save tens of thousands of pounds on the overall cost.

Yesterday New Homes Marketing Board chairman David Pretty warned that "pent-up" demand for homes could lead to a major surge in the number wanting a home when the housing market recovers at a time when not enough new houses have been constructed, leading to a further decline in affordability as a new surge in prices takes place.