Half of potential first-time buyers worry they'll never step foot on the property ladder.
A poll of 2,000 adults who don’t own property found 34 per cent of these put it down to low income, but 10 per cent admit they just can’t save due to lack of knowledge about the financial options available to them.
And two thirds fear even when they have a healthy deposit in place, they won't be able to meet high mortgage payments.
It also emerged 88 per cent wish they'd been around in the 90s – when it was more affordable to buy with a smaller salary.
Rajan Lakhani, a spokesperson for Plum, which commissioned the survey, said: "Getting on the housing ladder these days can seem daunting.
“For many young people – and, increasingly, not so young people – taking that first step feels like a long way off.
“However, starting early and putting a plan in place with a clear target can be a really powerful tool to help stay motivated during those years of saving for a deposit.”
The study found people who want to buy property feel anxious (36 per cent) or even hopeless (30 per cent) at the prospect.
However, 23 per cent feel excited about the thought of getting on the housing market.
And even if they aren’t looking to buy, in the short term, they’ll peruse an average of two properties a week to keep abreast of what’s on the market.
It also emerged 47 per cent of those who want to get on the property ladder are also expecting to have to buy a home in an area they don’t really want to live in, just to get off the mark.
But 74 per cent believe, despite being uncertain about buying their own place, it’s necessary to help them feel financially secure.
Lower house prices and mortgage rates, higher wages – and reduced rent costs to help save for a deposit were revealed as the things that would most make property ownership easier.
Rajan Lakhani, from Plum, added: “There’s no doubt that getting onto the property ladder is tougher than it was for previous generations and this naturally creates anxiety.
“But there are plenty of options to give you the kick start you need to achieve your house buying dream.
"Apps are making it easier for savers to put money aside regularly thanks to automation.
“And you can make those savings work harder through a Lifetime ISA, which can give you up to an extra £1,000 from the Government each tax year towards a deposit.”
TOP 10 THINGS THAT WOULD MAKE HOME OWNERSHIP EASIER:
1. Lower house prices
2. Lower mortgage interest rates
3. Higher wages
4. Reduced rent costs
5. Easier access to mortgages
6. Government-funded deposit assistance
7. Higher availability of homes
8. More support schemes
9. Increased financial education
10. Reduced stamp duty
ENDS
