People’s aspirations to own a home ‘fade sharply if not achieved by middle age’

The aspiration to get on the property ladder fades if it is not achieved by the time people reach middle age, a survey indicates.

Among people surveyed who are not homeowners, 76% of 25 to 34-year-olds and 59% of 35 to 44-year-olds aspire to buy a home, falling to 38% of 45 to 54-year-olds, Yorkshire Building Society said.

Just 20% of 55 to 64-year-olds who do not own a property hope to be homeowners, as do 8% of over-65s, the research found.

Nearly nine in 10 (88%) people surveyed believe homeownership is important.

Tom Simpson, managing director of homes at Yorkshire Building Society, said: “Britain hasn’t fallen out of love with homeownership – far from it.

“People still see owning a home as central to their stability, their security and their future.

“But what’s changing is belief. For too many people, particularly those who haven’t bought by their late 30s, the dream starts to feel out of reach.”

Public First carried out the survey in March and April among more than 4,000 people across the UK, including more than 1,500 people who were not homeowners.