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U.K. house prices are so high that a third of British people will never buy their own home. A report from the Halifax Bank said home ownership and getting on the property ladder was no longer an achievable goal for many Britons. A fifth of twentysomethings have no plans to buy. The report suggested the desire to own a home is being replaced by the idea to simply live in one. It added: "It seems that people are now beginning to accept a lifetime of renting."
Britain's Office for National Statistics said U.K. house prices rose by 10.5% last year, with London prices going up by 18%. It said there were "runaway train" house prices. The average house was valued at $425,000 nationwide and at $610,000 in London. The report warned of possible long-term social problems because of the haves and have-nots. It said without first-time buyers, "the market will come to a standstill". If this happens, prices will come down.
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