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U.K. house prices are so high that a third of British people will never buy their own home. A new report published by the Halifax Bank said home ownership was once an achievable goal for Britons but that the chances of getting on the property ladder are falling. The report says 20% of twentysomethings have no desire to buy their own home. The report said: "We may be heading towards the point where the [desire] to own a nice home will be replaced by the [desire] 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 have risen by 10.5% in the past year. It expressed concern at what it called "runaway train" house prices. The average house was valued at $425,000 in 2013. Things are worse for house hunters in London. Prices in the capital rose by 18 per cent last year to an average of $610,000. The report warns of possible long-term social problems because of the division between homeowners and non-homeowners. It also said if there are fewer first-time buyers, "the market will come to a standstill". If this happens, prices will come down.
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