Young giving up on dream of homeownership

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Renting has become the only option for a large proportion of the population, new research has found.

According to LV=, younger people have far lower expectations of owning their own home than their parents did, with people in their 20s and 30s expected to own half as many houses over their lifetime than their parents’ generation.

Those over 60 will own around three properties on average over their lifetime, according to a survey of 2,000 adults.

Selwyn Fernandes, managing director of LV= home insurance, said: “While owning your own home was achievable for the previous generation, it is an impossible dream for many today.

“Rising house prices and strict lending criteria are not only preventing people from buying their own home but also stopping many homeowners from moving, forcing them to modify their homes.”

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