Home ownership is increasingly out of reach for British consumers, who say the market has become expensive and inaccessible and that saving for a new home is now not their top financial priority.
According to a survey by Dutch bank ING some 79 per cent of Britons agree it is increasingly difficult for first-time buyers to get a foot on the property ladder, although 71 per cent acknowledge that it is better to own than to rent from a financial perspective.
While 43 per cent expect house prices to increase further in the coming year and 58 per cent say the housing market is on the ‘wrong track’, the substantial majority of consumers who have never owned a house say they are prioritising at least one other goal, such as raising a family, paying off education debt, living in a convenient location or funding hobbies or travelling - any or all of these over saving for a house.
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I suspect that we will soon see massive QE flooding the economy with more money and pushing asset prices up further.
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