Most UK renters doubt they will ever own their own home

Most renters in the UK believe they will never be able to afford their own home, a fresh survey has suggested.

A poll of nearly 15,000 people across 15 countries by Ipsos and ING revealed that 56% of Britons are pessimistic of their chances of ever owning property.

The UK share is the joint-highest in Europe along with Germany and ahead of countries such as Spain, Italy and France.

Average house prices in the UK rose by 5% compared to a year earlier in August to £226,000 raising the difficulty of property ownership for first-time home buyers who are already battling high inflation.

Figures released by the Office for National Statistics revealed disparity in house prices across the UK, with the biggest increases recorded in the north west of England, east Midlands and the east of England. London had the slowest regional increase in August at 2.6%.

Home ownership in England is at its lowest level in 30 years, with rising house prices and the difficulty of saving a deposit locking out millions from the housing market.