"A generation of young British adults is close to giving up hope of ever owning their own place to live. A startling new survey reveals that while the great majority of young Britons from "Generation Rent" would like to become homeowners, most believe they will be unable to raise the mortgage they require to get on to the property ladder.
"A combination of continually rising house prices and pessimism about the future is threatening to send into reverse the explosion in home ownership stimulated by Margaret Thatcher 30 years ago, making Britain more like Europe, where living in rented property is the norm. The findings, issued by the Halifax, coincide with a separate report from the housing charity Shelter which reveals that the number of mortgages offered in April slumped to the lowest level since records began. Just 29,355 mortgages were granted, 18 per cent fewer than during the same month last year.
"The online survey of 8,000 Britons aged 20 to 45 by the polling company Populus, which the Halifax drew on, found that more than three-quarters who do not own property would like to, but 64 per cent believe that their prospects of ever buying their own home are nil. The survey also found that 84 per cent of first-time buyers were put off by a belief that the banks do not want to lend to them and would find excuses to say no, while 67 per cent thought there was little point in applying at all because of the probability that they would be turned down."