The UK is in danger of being split into homeowners and non-homeowners, according to a new report by the Halifax.
Only a third of people are prepared to save for a deposit for more than 3 years before giving up plans to buy a home, the report found.
71 per cent of those taking part in the survey aged 20-45 believe there is a danger that the UK will be divided into homeowners and non-homeowners.
More than 50% believe the UK will become a country of renters within the coming generation.
Over 20% of those aged 20-45 have given up the idea of buying their own home, while 43 per cent of 40-45 years old feel the same.
A big fear among non-homeowners (57 per cent) is not being able to retire if they have to pay rent all their lives.
Two thirds of young people in the survey believed that owning one’s own home created a sense of being settled, while nearly 50 per cent said it was better to start a family in a property that was owned rather than rented.
Commenting on the findings, the Halifax’s Mortgages Director Craig McKinlay, said: "We are seeing a change in the social landscape of the UK, with a widening split between those who can and cannot afford to buy a home.
McKinlay pointed out that while many people still have a goal of owning their own home, fewer believe they will attain it.
Are you one of our home, landlords or unoccupied property insurance customers with a view of the Halifax’s report? Feel free to leave your thoughts in the comments section below.