Youngsters give up dreams of homeownership

A study of 2,000 people by The Chartered Institute for Housing (CIH) suggests that just 37% of 18-24 year olds questioned think owning a home is right for them.

The study also shows that an estimated 2.4 million people have changed their minds about homeownership in the last year alone.

Sarah Webb, Chief executive of CIH, commented: "A generation has grown up believing it has to own at any cost - in part because we haven`t provided them with decent information about the alternatives. We can`t repeat this mistake with future young people."

Meanwhile, in a complementary survey of CIH members, 84% of respondents said they had seen greater demand for their debt advice and counseling services.

A spokesperson for debt management company Gregory Pennington added: "At a time like this, it comes as no surprise that many people are becoming more apprehensive about the prospect of homeownership.

"Unemployment levels are rising again, and many young people are struggling with student/personal debts. Aside from potentially making further credit harder to obtain, this could put some people off homeownership because they feel they simply can`t afford it."

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