Over half of young people say they will never buy a h...

08 December 2010

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13 Comments

Written by rosalind renshaw

More than half of young people believe they will never own their own property.

Discount website MyVoucherCodes polled a sample of 1,721 people between the ages of 16 and 21, all still living with their parents, and found that 58% think they will never buy a property.

Two-thirds said the main reason for this was because they could never afford a deposit.

The 58% of people who thought they would never own their own property were asked what they believed they would do instead of owning a home: 77% said they would always rent privately and 23% thought they would probably always rent a council house.

Those who stated that they would probably always rent privately were further questioned. While 37% stated that they preferred the idea of renting as it was less commitment, 48% admitted they ‘hated’ the idea, of renting claiming it was ‘just dead money’.

Of the total respondents to the study, 82% had concerns about getting on the property ladder.

Comments

- Brian
These types of survey are normally Head Line seeking and PR stories, but apart from promoting their site can’t see their interest in the subject?
- 09 December 2010 12:56 PM
- Eva
Ray- I thought you would remember the 30s 40s?? Between wars, at war, it wasn’t till 57 when the regs requiring LA to build homes were relaxed, that private housing really took off in the 60s and affordable private housing became accessible to more and then Maggie’s dream of the 80s to the ordinary working person.

Right to buy no, make it possible yes, a bit like the gov are trying to make happen for the forces which remains to be seen if it works for them of course.
- 09 December 2010 12:28 PM
- Ada Harriotts
I'm not so sure this survey means anything. For example, youth asked the same question in the 70s would of answered exactly the same. These very people bought property in the 80s. It is very possible that in the 2020s houses will be possible for the young to buy again
- 08 December 2010 23:06 PM
- Ray Evans
Where did the idea come from that everybody had a god given right to buy.
In the 1930/40's very few wanted to buy - they considered a mortgage to be a restriction and an albatross around their necks for most of their lives. Plus the fact they had to insure, maintain & repair etc.
Makes one think.
- 08 December 2010 17:19 PM
- Jonnie
Lovely, lovely,

The HPC lot will be getting positively moist on this, in fact if im not mistaken we have the award for the quickest bloke to shout 50% off going to nick57nick! Congratulations mate as a prize we all laugh at you for a bit then move the discussion on, well done

So, a load of kids were asked and 50% said they didn’t think they would be, well I was once told that 95% of statistics are made up on the spot so lets hope the 50% that don’t think they can will hook up with the other half that think they will, that would be nice. Make a good dating website that way 100% can buy – im a genius.

Although when I lived with my Mum buying a house was low on the list of things to worry about, and based on where the report comes from this lot are spending a lot of time on a website that gets you a free pizza in Zizzi so maybe it should go in the ‘oh dear not another silly press release’ pile which is getting quite big now.

Jonnie
- 08 December 2010 16:20 PM
- James
Tell the man I sold a house for at £32,000 last month that his house was over priced and I think he may chin you :-)
- 08 December 2010 14:50 PM
- n p
How much more proof is needed. Houses are way overpriced by at least 50%.
- 08 December 2010 14:16 PM
- Roger Ball
Successive governments with their dependancy on rising house prices have screwed the home ownership dream.
The property market will remain stagnant until prices become affordable again.
- 08 December 2010 13:37 PM
- Michael
The problem about the UK is that buying a house is seen as an investment. It should only be an investment as so much as you pay back your actual mortgage. It all went wrong when the market then got bunged up by interest-only mortgages, meaning people who couldn't afford a normal mortgage were still able to buy. But what sort of mortgage would come after interest-only? Answer is simple, and it's nothing, because interest-only eliminates the whole idea of buying a house, just to see the actual house price go up - but with credit from your bank.
- 08 December 2010 13:35 PM
- AceofSpades
Ah, you want your cake AND to eat it - I see where you're coming from.
- 08 December 2010 13:32 PM
- Barry
But I work in London and don't want to spend half my life on a train. If the govt stopped propping up prices, and if lenders stopped offering stupid loans, houses would become affordable again, and I'd be able to live within an acceptable commute from work. Simple as that.
- 08 December 2010 13:26 PM
- AceofSpades
Don't look to buy in London then. You responded to your own statement.
- 08 December 2010 11:43 AM
- Barry
16-21 is pretty young to be thinking about buying a house. A more representative age group would have been 25-30. Not being able to afford a deposit is only a sympton of the real problem; houses are too expensive. The whole idea that the requirement for a deposit is the only barrier is silly, and just a piece of propaganda from the mortgage brokers to try and prevent the FSA's proposals for sensible regulation. I am a 29 year-old who has managed to save up enough for a deposit in excess of 20% to buy a £500k house, but the rubbish you can buy in London for that price means there is no way I would consider borrowing £400k in order to buy a place. Deposits are not the problem - high house prices are.
- 08 December 2010 10:39 AM