Nearly three-quarters of Londoners think that buying a home today means taking on too much debt, and nearly a third feel that owning a home is too much responsibility, according to a MORI poll survey.

The poll, commissioned by the London Housing Federation, reveals that 73% of Londoners and 76% of young people think that buying a home today means taking on too much debt. They are pessimistic about the future with 78% of Londoners saying they believe that future generations will find it more difficult to afford their own home.

The average London house price is now £277,000, nearly nine times the average salary of £31,000. 60% of Londoners agreed that people buying homes today have to make greater sacrifices than previous generations and 77% believe that owning a home is a risk for those without secure jobs.

The situation has become so bad that 65% of Londoners were concerned that people increasingly have to move away from where they grew up because they cannot afford to rent or buy in their local area.

While most London homes are now owner-occupied, the poll shows that proposals to boost levels of home-ownership further could falter in the capital.

31% of Londoners, including owner-occupiers and people renting, say that owning is too much responsibility and an equal number say they would like to live in social housing. However, part-buy, part-rent shared-ownership schemes were considered a good idea by 72% of Londoners surveyed.

Berwyn Kinsey, Head of the London Housing Federation, said: "While many people aspire to own their own homes, Londoners are often uncomfortable with the level of personal debt it involves. They view it as a risky option for people without secure jobs and worry that the situation will become increasingly difficult for future generations."

"Government plans to help first-time buyers get on the property ladder will be welcomed by many, but we also need more investment in social-rented housing and shared ownership schemes so people don’t need to take on overwhelming debts just to afford somewhere to live."