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Many who don’t own a home doubt they ever will

Nearly half (45%) of those who don’t yet own a home think they never will, a report by investment management firm Fidelity International has found.

Currently 41% of those aged 34-54 are currently renting and 23% of that age group think they will never own a home.

Nearly a quarter (24%) of over 55s still rent the property they live in, but a tenth of that age group still list owning a property as a life dream

Tom Stevenson, investment director for personal investing at Fidelity International says: “Home ownership is deeply engrained in the British psyche and the inability to get on the property ladder can be hard to accept.

“Renting can feel like throwing money away and the flexibility it offers is no substitute for the feeling of security that owning a flat or house can provide.

“These emotional considerations can matter quite as much as the obvious financial benefits of home ownership in recent years.”

While 65% of those under 34 are more optimistic about their chances of owning a home in the future, that drops significantly when people are between the ages of 35 and 54, when only 23% of people feel the same way.