The age when people in the UK’s aspirations to own a home ‘fade sharply’

Homeownership prospects are significantly reduced for Britons who are unable to own property in middle age, new research shows.

Among non-homeowners, 76 percent of those ages 25 to 34 and 59 percent of those ages 35 to 44 still desire to purchase a home.

According to the Yorkshire Building Society, this falls sharply to 38 per cent for those aged 45 to 54, 20 per cent for those aged 55 to 64 and just 8 per cent for those aged over 65.

Despite this, nearly nine in 10 people surveyed (88 percent) still believe owning a home is important. Tom Simpson, Yorkshire Building Society’s managing director of homes, commented: “Britain has not given up on its love of home ownership, far from it.”

“People still see owning a home as central to their stability, security and future.

“But what changes is belief. For many people, especially those who haven’t bought anything until their late 30s, dreams begin to feel unattainable.”

Public First conducted the survey among more than 4,000 people across the UK in March and April, more than 1,500 of whom were not homeowners.

The average house price in the UK rose on a monthly basis for the first time in four months, according to the index.

Lloyds stated that property values ​​increased by 0.2 percent on a monthly basis in June, the first monthly increase since February.

Annual house price increase also increased from 0.5 percent in May to 0.6 percent in June.

The average property value across the UK in June was £299,330.

Amanda Bryden, head of mortgages at Lloyds, said: “House prices rose in June for the first time in four months, rising 0.2 per cent on May.

“The cost of a typical property is now £299,330, while the annual growth rate has increased to 0.6 per cent.

“Recent price trends continue to reflect broader economic uncertainty, including the impact of global events on inflation and interest rate expectations.

“While affordability is still stretched for many buyers, mortgage rates have fallen from recent highs, providing some encouragement to those considering a move.”