Almost two thirds of young professionals are unable to buy property due to a decade of rapidly rising house prices, according to Endsleigh.
The research found that young professionals were optimistic about buying their own property, but this optimism disappears as they move into their 30s.
Endsleigh’s survey of professionals aged between 23 and 35 found that just 35% of those aged under 30 owned their own property, with much of the remainder renting or living with their parents.
Furthermore, among over 30s, only half own their own property, indicating that just 15% of professionals that do not own a home in their twenties actually end up acquiring property by the time they reach 35.
The survey found 75% of 23 to 26 year olds thought they would be able to buy a property within the next five years. However, among 32 to 35 year olds, 39% are still renting, while 6% live with their parents, meaning many will not achieve their goal of homeownership.
Cost was seen as the biggest barrier to homeownership, with 66% of those still renting or living with their parents citing this as the reason they had not bought property.
Stuart Wartalski, a spokesman for Endsleigh, comments: “Although there are still great aspirations to own, especially from those in their early 20s, the fact is that the cost of buying is forcing people to continue to rent – and some in their 30s have even given up on the idea of buying altogether”.
The research found a fifth of those aged over 30 did not believe they would ever buy their own home.
Renting was found to be cheaper for professionals on a monthly basis, with the average rent standing at £365 per month, while the average monthly mortgage payment for property owners was just under £600.
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