Expensive housing delays Brits’ aspirations to own family home

Tim Wallace
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The average house cost £163,000 in 2005 and £192,000 in 2015, according to Halifax
Most Britons’ plans to own a family home have been thrown off track by the rapid price rises of the past decade, a study from Lloyds Bank shows today.

More than 80 per cent of Brits believe homeowners have to wait longer for their long-term family home than they expected 10 years ago.

And the study found 44 per cent of first-time buyers had thought they would be further up the ladder than they are now. That holds true for 33 per cent of the overall home-owning population.

“Many current homeowners clearly still feel that they are not progressing up the ladder as quickly as they would like, with higher house prices in some regions meaning people are waiting longer to move into to their long term family home,” said Lloyds’ mortgages director Andy Hulme.

“Despite this, almost two-thirds still believe they’ll be in their long term home in less than five years, with the vast majority thinking this will only require one more move.”

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