Young Britons 'Need Help For Homes'

• News
• Published: 18 Mar 2010 in Money and Mortgages

New research shows more than half of young people are not confident they will be able to get on the housing ladder without financial help from their parents.

According to the National Housing Federation, 54% of people aged between 18 and 30 think they would have to seek assistance from relatives or friends for the money for their first home, while only a quarter believe they could buy one on their own.

Of those who said they would need help to raise a deposits, a fifth estimated they could do with an extra £10,000, 28% believed they would need £20,000, 8% would need up to £40,000 and 9% would need more.

Despite the recent decline in house prices, 86% of young people thought they could not afford to get on the property ladder at present. Around 83% consider home ownership more of a dream than a reality for their generation.

More than one-third of those surveyed believed it would take between five and 10 years for them to buy their first home, while 12% thought they would have to wait up to 20 years.