Over a fifth of Brits afraid they will never afford to move

Some 21 per cent of Brits believe they won't ever be able to afford to move or buy their own house, a new survey reveals.

According to propertywire.com, the survey from Gocompare shows over half of the UK wants to move house, but many think the costs are far too high for them. On average, Brits wanting to change their location have been waiting 3.6 years to do so.

Unsurprisingly, young people between the ages of 18 – 34 are most worried they'll never have enough money to move or buy their own place. Moreover, Londoners are the most keen to make a change, as 62 per cent wish to move. Some 44 per cent of Brits in the capital believe they'll be able to change their residence in the next year, reports independent.co.uk.

Around 16 per cent of Brits say the actual cost of moving and buying a home is what is holding them back the most and another 16 per cent say prices are too high in the area they want to live in. Ten per cent are too concerned about whether they can hold down their current job or earn enough money and 14 per cent struggle to save sufficient cash for the deposit. Even if they can afford the initial costs, 15 per cent believe they won't be able to afford to maintain and run their own home.

Ben Wilson from Gocompare says it's a great time to buy a home, but many still can't afford to.

“Our survey suggests the high costs associated with buying and moving home, together with the requirement to put down a bigger deposit, are preventing many people from realising their property dreams,” he explains.