MILLIONS of young people will never have enough money to be able to buy their own home, a shock report warns.

Soaring prop-erty prices and lenders' demands for large deposits mean a genera-tion will be forced to rent, says the Char-tered Institute of Housing.

Its research reveals there are about three million people, mostly in their 30s, who are being priced out of the property market but earn too much to qualify for council accom-modation.

In more expen-sive parts of the UK first-time buyers need to raise pounds 40,000 deposits - almost twice the average income - which was impossible without help from parents.

Sarah Webb, CIH chief executive, said: "A golden age of home ownership is coming to an end. The idea that an Englishman's home is his castle gained momentum in the 1980s with right-to-buy and again after the 1990s downturn when people viewed owning a home as not just somewhere to live but also an investment.

"The time has come to move away from the notion of 'right-to- buy' and 'wrong-to-rent'."

The National Housing Federation said the crisis was likely to worsen as we are building fewer houses than at any time since the Second World War.

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