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

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