Two-thirds of would-be first-time-buyers unlikely to purchase in the next five years

A new report commissioned by Halifax has revealed that the high cost of property coupled with stricter lending criteria has led to drastically changing attitudes towards home ownership from younger people.
The Guardian reports,

"In a survey of 8,000 people aged between 20 and 45, only 5% of those described by the Halifax as "Generation Rent" (those with no realistic prospect of getting on the housing ladder) are making spending sacrifices to save towards their first home. The remaining 95% have no spare cash, no interest in saving or are trying but failing to save.

Almost half the people questioned predicted that Britain would become a nation of renters within the next generation."

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