Four out of 10 aspiring home owners suspect that they will be in their 40s by the time they’ll be in a position to get a mortgage, a new survey has revealed.
Around 38% of people looking to own their own home worry that they’ll be in their 40s by the time they will be able to do so, with 8% believing this day will never come, according to property website Globrix.com.
Meanwhile 74% of those who already own property say they bought it before they were 30, a statistic only 13% of aspiring buyers think they can do.
Jennifer Warner, of Globrix.com, said: ‘Many young people who want to get on the property ladder have accepted that they will be much older by the time they finally do. A significant portion have given up the dream altogether.
‘What we're seeing is a major generational shift towards the realisation that buying your own home will be an elite rather than a mainstream lifestyle choice in the coming decades, and to a large extent only those with wealthy parents who can contribute towards a deposit will be able to buy a place of their own.
‘Many young people already accept renting as a long-term alternative to buying, and with average university debt set to increase significantly over the next few years we can only see this trend strengthening.’