The chief executive of the UK's largest estate agent has renewed calls on the government to intervene in the housing market to prevent future generations being priced out of owning a home.
Grenville Turner, the head of Countrywide, said the UK could become a country of renters after a survey commissioned by the company found that almost half of 18- to 34-year-olds said difficulty raising a deposit was the biggest barrier to buying a property.
Turner said: "We are at a crossroads for home ownership, where we could see the next generation becoming a nation of renters without the right intervention from government."Based on current levels of activity, the average home owner moves house once every 25 years as opposed to [historically] once every 12 years. These levels are unsustainable and we call for further support as a strong, vibrant, housing market contributes to GDP growth and will dramatically improve the economy."
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