The vast majority of young Britons would still prioritise buying a home over renting one, research collated by Share to Buy has shown.

As part of its analysis, Share to Buy surveyed 1,000 young people aged six to 10, and found that the aspiration of home ownership started young in the UK, with three-quarters of youngsters saying they would like to purchase a property when they are older, and over half hoping to do so before the age of 30.

But the company, which runs a portal for shared ownership properties, also pointed to the regional variations that existed for young renters. Other research it conducted showed that in London, 60% still expected to be renting by 2025. Some 70% of would-be first-time buyers in the capital believed that their dream of home ownership was over, and 64% said it would become even more difficult for future generations.

Share to Buy also cited a survey of potential first-time buyers carried out by Santander this summer, which found that nine in 10 young adults still aspired to own their own property. Home ownership was ranked as the top life goal by 51% of respondents, with retirement security polling in fifth place, at 16%.

When asked why owning a home was such a crucial life goal, 56% of respondents said it was for a sense of security, while 36% saw it as something to pass on to their children. Another 36% believed owning a property was more affordable than renting one.

The top three obstacles to buying a property were cited as raising a deposit – which currently averages £44,000; meeting buying costs – especially with a poor credit rating or no access to ‘the bank of mum and dad’; and a lack of supply of affordable homes in preferred areas.

To address some of these barriers, 37% of those canvassed said the Help to Buy scheme should be extended beyond 2023, 35% suggested rent prices should be capped, 33% felt that stamp duty should be cut for all homes under £500,000, and 13% wanted the number of shared ownership properties to increase.

Share to Buy’s head of operations, Nick Lieb, said: “With prices on the open market skyrocketing, it is becoming increasingly difficult for first-time buyers to get onto the property ladder. Affordable home ownership schemes, such as shared ownership, are providing an alternative route onto the ladder for thousands of buyers up and down the country, often requiring much lower deposits than buying outright.”

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