Many Britons have given up on their dream of owning a home amid high house prices and poor pay rises, research has found . Many Britons have given up on their dream of owning a home amid high house prices and poor pay rises, a study shows. It found that just four in 10 renters (43 per cent) aged 20 to 45 are saving for a deposit to buy a home, compared to almost half a year ago (49 per cent). According to research from Halifax, three-quarters of UK renters also fear they will never be able to afford to buy their own house. This rises to eight in 10 for Londoners, where house prices have risen by double-digits in recent years. The mortgage lender’s report, called Generation Rent, said the data ‘strengthens the view’ that more people may be giving up on the idea of owning their own home and are instead accepting the idea of long-term renting. They said if people believe buying a house is completely unobtainable, ‘a lower level of homeownership will become the new normal’ and ‘the presumption that the UK is obsessed with homeownership may soon become a myth’. The survey found the three most common barriers to home ownership were the size of the deposit needed, high property prices and low incomes. Non-homeowners said they would be willing to save for about five years and four months to save for a deposit. But even then, owning a home remains out of reach for many. Government schemes such as Help to Buy have enabled people to get on or move up the property ladder with a low deposit. Scroll down for video . But while half of people believed this had a positive impact, 8 per cent believe this had a negative impact, amid fears it has fuelled demand, pushing up prices. Three-quarters of those surveyed also thought banks were reluctant to lend to first-time buyers. Figures recently released by the Council of Mortgage Lenders showed the number of first-time buyers getting on the property ladder last year reached its highest levels since 2007. More than 300,000 people bought their first home in 2014. Just four in 10 renters aged 20 to 45 are saving for a deposit to buy a home, according to research by Halifax . But Craig McKinlay, mortgages director at Halifax, said: ‘While there has been an increase in first-time buyers in the last 12 months, at the same time there is also a growing group of young people who believe they won’t be able to get a mortgage. ‘The difference between the reality and their perception needs to be addressed urgently if we are to prevent people from giving up on getting on the housing ladder.’ The survey questioned 40,000 people aged 20 to 45.
Just four in 10 renters aged 20 to 45 are saving for a deposit to buy a home .
This is compared to almost half a year ago, according to Halifax research .
Also found that three-quarters of UK renters fear they will never be able to afford to buy their own house .