Are homeowners losing out on millions?

Stark new research from Yorkshire Building Society shows a significant number of UK adults may be abandoning the dream of homeownership, risking millions in lost lifetime wealth. With housing affordability and the cost of living as major concerns, the Society’s analysis highlights the financial consequences of renting versus owning a home.

A fifth (21%) of adults aged 18–34 and nearly two-thirds (59%) of those aged 35–54 are uncertain if they will ever own a home or have no plans to do so. Key barriers include the financial commitment, affordability issues, and the high cost of living.

Nearly half (41%) of respondents in Essex cited the cost of living as the main obstacle, with 43% delaying their purchase due to high prices. A further 47% feel so overwhelmed by the current market that they’ve stopped searching for a property.

Aston spoke to Ben Merritt, director of mortgages at Yorkshire Building Society.

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