The price comparison site found that homeownership is still important to three-quarters of renters who want to put down roots.
But over half feel that it’s “unattainable” in the current market.
And less than half (40%) of all non-homeowners believe they’ll be able to buy a house.
Priced out
The average salary needed for a single person to buy a house in the UK is £59,307, according to the insurance comparison site.
However, analysis of Office for National Statistics (ONS) data on average salaries across the nation found that no industry listed provides an average wage high enough to meet this.
Based on these figures, Go.Compare said it’s unsurprising that 60% of non-homeowners feel they won’t ever be able to buy a house.
Of those renters who no longer think homeownership is important, they cited the “too big commitment” (30%) and that renting is easier (28%) and better value for money (17%). Over a fifth (22%) said they had more important things to save for or spend money on.
Nathan Blackler, home insurance expert at Go.Compare, said: “It’s disheartening to find that the majority of renters and residents who don’t yet own a home don’t believe they ever will due to the current economic climate and the shape of the housing market.”
Despite this, it’s still a goal that most want to achieve, which is why more needs to be done about the issue.
“Our research has shown that it’s simply unattainable for the average worker to be able to afford, and many non-homeowners believe that the Government needs to step in to help first-time buyers get on the property ladder, whether that is achieved through subsidised house prices, stamp duty relief, or improved Government schemes such as Help to Buy ISAs, shared ownership or 99% mortgages.”
