79% of Europeans say it is 'difficult' to join the property ladder
New data compiled in the ING International Survey on Homes and Mortgages has revealed that 79% of Europeans feel it is becoming increasingly difficult to buy a first home; the figures for the UK are particularly high, with 89% of those surveyed expressing this sentiment. To some, these revelations will be unsurprising after a lack of housing investment for millennials has caused them to be deemed ‘Generation Rent’, and an 8% increase in UK housing prices between 2014 and 2015 was revealed to be eight times the European average price growth.
First-time buyers in the UK face some of the toughest housing market conditions in Europe, an international survey published today revealed.

The ING International Survey on Homes and Mortgages, which surveyed nearly 15,000 people across 15 countries, found that four in five (79 per cent) Europeans say it is becoming increasingly difficult to buy a first home.

People in the UK were found to be particularly downbeat about the prospects of trying to get on the property ladder, with nearly nine in 10 (89 per cent) people agreeing that it is becoming increasingly hard for first-time buyers to buy a house.

Squeezed out: The study said that UK house prices increased by around 8 per cent between early 2014 and early 2015, which it said was eight times the European average

Consumers in Luxembourg, Turkey and Spain were also among the most likely to believe that first-time buyers' prospects are worsening, with 94 per cent of people in Luxembourg agreeing with this and 88 per cent agreeing in both Turkey and Spain.

The study said that UK house prices increased by around 8 per cent between early 2014 and early 2015, which it said was eight times the European average.

Germany was found to be the place where people were least concerned about home buyers' ability to get on the property ladder out of the countries looked at. But even there, more than half (59 per cent) of people feel it is getting harder for people to buy their first home.

Concern about people's ability to get on the property ladder was also seen in Australia, where 89 per cent of people think it is getting harder for people to buy their first house, and the United States, where 72 per cent of people expressed this concern.

While a strong housing market can be seen as a sign of economic prosperity, across Europe, seven in 10 (69 per cent) home owners believe housing has become so unaffordable that society would benefit if house prices now started to fall.

Rental sector tenants in particular felt this sharply, the study said, with three-quarters (75 per cent) of British tenants believing that expensive housing blocks their path to home ownership.

Ian Bright, a senior economist at ING, said: ‘Across the continent and in the US and Australia, consumers hold the view that first time-buyers are at risk of having the door to home ownership slammed in their face.

‘The burgeoning economic recovery across the continent comes into play here. This will improve people's lives in many ways but the ING International Survey shows something needs to be done if the next generation is to benefit from bricks and mortar.’

TOUGH MARKET CONDITIONS FOR FIRST-TIME BUYERS EVERYWHERE Here are the percentages of consumers surveyed for the ING International Survey on Homes and Mortgages who believe it is becoming increasingly difficult for first-time buyers to buy a house: Luxembourg – 94 per cent UK – 89 per cent Australia – 89 per cent Turkey – 88 per cent Spain – 88 per cent Belgium – 87 per cent Italy – 83 per cent Netherlands – 81 per cent Romania – 78 per cent France – 78 per cent United States – 72 per cent Poland – 71 per cent Austria – 71 per cent Czech Republic - 70 per cent Germany - 59 per cent

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Last week, Bob Pannell, chief economist at the Council of Mortgage Lenders, described the housing market as ‘dysfunctional’ and said its deep-seated problems will not be solved just by building more homes.

Writing on the CML's website, Mr Pannell argued that a more efficient use of existing housing could help to improve the market.

Listing the challenges that existed in the UK, he said that increasing life expectancies and growing numbers of people living alone were boosting demand for homes, while rising house prices were also reinforcing young people's tendencies towards renting.

Analysis published last month showed that young homebuyers need to more than double their earnings to borrow enough to pay for an average starter home.

Given an average first-time buyer deposit of 17 per cent, a mortgage of about £175,000 would be required by the average first-time buyer.

As most mortgage lenders will not go higher than 4.5 times salary in terms of the size of the loan, that would require earnings of £38,917 a year, according to the Which? Report.