Moneysupermarket.com now belives that the the average age UK adults expect to be able to buy their first property is now 37 years old.
The comparison site also found that 41% – equating to eight million people – claim they do not intend to buy a property at all.
The number of mortgage products available to first time buyers currently stands at 1,337, a fall of 187 products since this time last year. In July 2007, before the credit crunch, there were 14,940 available.
The average loan to value (LTV) for products available to new buyers is 78%. However, the number of mortgages available for those with only a 10% deposit is currently 209, up 20% on last year.
Clare Francis, mortgage spokesperson at MoneySupermarket.com said: “Home ownership is a really big thing here in the UK. For years it has been something millions of people aspire to and therefore it’s surprising to see that this may be changing and that some people are giving up on the hope of ever owning their own home.
“To a certain degree it is perhaps understandable. Despite a stagnant housing market in many areas of the country, property prices remain exceptionally high. Coupled with this, mortgages remain hard to come by with the number of loans available to those with a small deposit well down on the pre-credit crunch days. Rising living costs are also making it harder for aspiring first time buyers to save that all important deposit.”
