Middle class families are giving up their dreams of home ownership as soaring costs and a lack of supply price millions out of the property market, according to Bank of England research.
The Bank’s annual survey of household finances revealed that just under half of all families who don’t already own their own home believe they will never get on the housing ladder.
This represents around 4.5m households and compares with 32pc who said they were confident of buying.
The figures, which were buried in the depths of the Bank’s survey, showed many middle class families also believe home ownership is out of reach, highlighting the depths of Britain’s housing crisis.
Analysis by the Resolution Foundation showed that a quarter of Britain’s richest households – earning an average of £60,000 a year after taxes and benefits – believed they would never get on the ladder, while a third of families in the second fifth of households also said they were likely to remain tenants.