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More Brits dreaming of owning their own home

More Brits dreaming of owning their own home

Category: Mortgages

Updated: 16/09/2010
First Published: 16/09/2010

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 It is now over 6 months old so the content may be out of date.

More people than ever before are dreaming of owning their own home one day.

The figures suggest that the credit crunch, and lack of mortgage finance for many first time buyers has not affected the home-owning hopes of many.

The results of the survey, undertaken by YouGov for the Council of Mortgage Lenders (CML), found that 85% of people said that in 10 years' time they hope to be homeowners, an increase on 2007's 84%.

"It is crystal clear that most people see home-ownership as their tenure of choice over the long term," said CML director general Michael Coogan.

"But the unintended consequence of regulatory change is that it is going to be permanently tougher for people - especially young people - to fulfill that aspiration in the future, even if they are responsible with their finances."

The dreams of many in claiming a homeowner status are in stark contrast to the reality of the situation, according to the National Housing Federation (NHF).

The NHF report shows that the average 21-year-old will have to wait until they reach middle age before they can afford to get a foot on the property ladder – and in some part of the country they will be in their 50s before they secure their own property.

"This report highlights how home ownership is increasingly become a pipe dream rather than a reality for millions of young people without wealthy parents to support them and demonstrates again the scale of the country's housing crisis," said NHF chief executive David Orr.

However, the NHF survey did reveal that there is hope for couples who save hard and delay having a family, with those who stay together from the age of 21 being able to afford their own place by 27.

If you're dreaming of owning your own home, check the Moneyfacts.co.uk Best Buy tables for the best fixed and variable mortgages currently available.

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Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

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