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Desire for home ownership remains strong

Desire for home ownership remains strong

Category: Mortgages

Updated: 13/06/2012
First Published: 13/06/2012

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Buying a property has become more and more problematic in recent years, but it seems that Britons still aspire to be homeowners.

Despite all the economic and financial difficulties stemming from the credit crunch, 81% of British adults hope to be homeowners in ten years' time.

In fact, three quarters (74%) of people are aiming to buy a home in the next two years, according to the Council of Mortgage Lenders (CML).

Aspirations are much higher than current home-ownership levels among those aged under 35, but it is far from clear whether and how people will achieve their home-ownership goal.

Notably, most of those who are renting privately or sharing with family or friends are under 35, and more than half of these (54%) would like to become homeowners over the short term.

However, only a third (33%) of those who hope to be homeowners in two years time actually expect it to happen.

"The results clearly show that the British love affair with homeownership is far from over," said Bob Pannell, chief economist of the CML.

"But achieving the homeownership dream has become more difficult for people, and is likely to remain so, especially for the young.

"We need to ensure that good quality housing is available in a variety of different tenures, and that the growing private rented sector represents an attractive choice for those who do not want, or cannot attain, homeownership.

"However, we also need to recognise that for the overwhelming majority of people, homeownership is still the ultimate goal."

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