Britons who are now in their twenties and thirties will own half as many homes in their lifetime as their parents, a study has shown. According to the research, today’s twenty and thirty-somethings will own an average of 1.7 homes over their lifetime, compared to 3.2 homes for the over-50s. The study, carried out by LV= home insurance, found that a third of homeowners are stuck in homes that are too small for them, but are unable to upsize. Almost a quarter said they could not raise the deposit for a bigger home, while a sixth said they were waiting for prices to drop before even contemplating a move. According to the research, today’s twenty and thirty-somethings will own an average of 1.7 homes over their lifetime, compared to 3.2 homes for the over-50s . Experts blamed rising prices – which have also meant higher stamp duty charges, legal fees and estate agent costs – as well as a housing shortage and stricter mortgage lending criteria which was introduced last April. Many families have instead chosen to stay put and extend their current homes. And moving house has become so unattainable that many Britons said they are already in their ‘forever’ home, including one in five people in their thirties. A separate report yesterday found the affordability of homes in UK cities has deteriorated in the last year and is now at levels last seen in 2009 – with the typical price now more than six times average annual earnings. Selwyn Fernandes, of LV=, said: ‘While owning your own home was achievable for the previous generation, it is an impossible dream for many today. ‘Rising house prices and strict lending criteria are now not only preventing people from buying their own home, but they are also stopping many homeowners from moving, forcing them to modify their homes instead.’ Paula Higgins of the HomeOwners’ Alliance, said: ‘This survey suggests many are stuck in homes which may be unsuitable because they cannot afford to move. Experts blamed rising prices – which have also meant higher stamp duty charges, legal fees and estate agent costs – as well as a housing shortage and stricter mortgage lending criteria which was introduced last April . ‘In different stages of your lives, you have different needs. You may need to move closer to your place of work, or to good schools, or nearer to family. ‘You may want more green space or a more adaptable home. But lots of people are finding they are stuck in their first homes, which they struggled to afford in the first place. ‘Transaction costs, changes to mortgage lending criteria and - critically - a woeful lack of new homes being built puts homeownership, and moving up the ladder, out of the reach of many.’ The survey by LV= asked homeowners whether they were in their ‘forever’ home. They then analysed their age and how many homes they had owned previously. A separate report yesterday found the affordability of homes in UK cities has deteriorated in the last year and is now at levels last seen in 2009 – when Britain was in the midst of an economic crisis. The average house price in cities has risen from £182,000 to £195,000 between 2014 and 2015, with the typical price now more than six times average annual earnings. Lloyds Bank said Oxford was the UK’s least affordable city, followed by Winchester, Cambridge, Chichester, Brighton and Hove, Bath and London. Stirling, in Scotland, was the most affordable, with Londonderry, Northern Ireland, close behind, as well as Lancaster, Bradford and Hereford. Aberdeen recorded highest house price growth since 2005 after the oil-rich city underwent a dramatic housing boom, while London has seen the greatest growth since 2010. Andy Hulme, of Lloyds Bank, said: ‘House price rises in the past two years have resulted in a deterioration in home affordability in the majority of UK cities, and generally widened the north-south affordability divide.’
According to research individuals in 20s and 30s will own fewer homes . The study by LV= home insurance found a third were stuck in small homes . Experts blamed rising prices which have led to higher stamp duty and fees . Typical house prices  now more than six times average annual earnings .