The YouGov survey, commissioned by the National Housing Federation, revealed that 86% of 18-30 year-olds, who do not own their own home, could not currently afford to buy a home if they wanted to, despite recent falls in house prices.
83% of 18-30 year-olds, also thought buying a home was now more a dream than a reality for young adults. The Federation, which represents England's housing associations, blamed a chronic shortage of affordable homes and a slump in the number of new homes being built for the gloomy outlook.
With huge deposits now needed to secure mortgages, young adults are becoming reliant on their parents' to help them secure their first property, with 54% admitting they would need financial help from relatives or generous friends to buy a home.
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18% said they would need up to £10,000 from relatives or friends to afford a home, 28% thought they would need up to £20,0000, and 8% up to £40,000. One in ten (9%) claimed they would need £40,000 or more. Only one in four said they wouldn’t need any assistance.
The Federation called on all political parties to commit to building more homes for first time buyers and address the crippling shortage of new homes which has seen average house prices more than double over the last decade.
The poll also revealed that 37% thought they would have to wait up to 10 years before moving into their own property, with 12% thinking it could take up to 20 years. 6% thought they would never be able to afford a home.
Seven out of ten people said they would rent from a private landlord until they can afford to buy their own place, 11% said they would live with their parents paying rent, and 8% said they would live rent free.
Federation Chief Executive David Orr said: "Young people are giving up hope of ever being able to afford their own home and who can blame them?
"The simple truth is we, as a country, have failed to build anywhere like enough homes to meet demand, which has sent house prices rocketing over the last decade and well out of reach of most young people.
"Banks are meanwhile demanding tens of thousands of pounds in deposits before even considering lending first time buyers a mortgage. For those without parents with the funds to help them – there’s virtually no chance of getting a rung on the property ladder.
"The three main parties must commit to building significant numbers of affordable homes for rent and sale to avoid locking an entire generation out of having their own home.
"The next government must view housing in the same terms as health, education and policing – and protect it from budget cuts, given the scale of the crisis."
(CD/GK)
