A new survey from Aviva has revealed that over a million people may rule themselves out of the first-time buyer market, due to pressures caused by the cost of living crisis.
The survey, focused on under 45s who have never owned a property, identified that just under half of those asked were not currently house-hunting, but intend to in future, with a further 16 per cent saying they have no intention of doing so. Of these, a fifth specifically cited the cost-of-living crisis and inflation as making buying a house unaffordable.
The survey also shows the cost of a mortgage is being substantially underestimated, with the potential to dissuade more people from moving onto the property ladder.