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House prices the U.K. are now so high that a third British people believe they will never buy their own home. This is according a new report published the Halifax Bank. Home ownership was once an achievable goal generations Britons. However, rising prices now mean the prospects getting the property ladder are on the decline. The report says that one five twentysomethings has no desire to own their own home. Craig McKinlay, mortgages director Halifax, said: "We may be heading the point where the aspiration to own a nice home will be replaced the aspiration to simply live in one." He added: "It seems that people are now beginning to accept a lifetime renting."

Britain's Office National Statistics earlier this week stated that house prices have risen 10.5% the past year. It expressed concern what it describes as "runaway train" house prices. The average U.K. house was valued $425,000 2013. Things get bleaker house hunters wishing to buy in London. Prices in the capital have risen 18 per cent in a year to an average of $610,000. The Halifax report writes about possible long-term social problems arising , "the division homeowners and non-homeowners". The report warned that if there are fewer first-time buyers, "the market will come a standstill". If this happens, prices will have to come down.