Despite all the economic and financial difficulties stemming from the credit crunch, 81% of British adults hope to be home-owners in ten years' time, and 74% aspire to it within two years, according to a new research article published by the Council of Mortgage Lenders.
The article, by CML chief economist Bob Pannell, is based on the results of a survey undertaken by YouGov. The survey includes questions that have been repeated consistently since the mid-1970s, enabling comparisons with earlier periods to be drawn. It shows that the desire for home-ownership has fallen back a little in recent years, but still remains strongly entrenched across all age groups.
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 home-owners over the short term. However, only a third (33%) of those who hope to be home-owners in two years time actually expect it to happen.
This chart shows current home-ownership levels and two- and ten-year preferences by age: http://www.cml.org.uk/cml/media/press/3234
Preference for home-ownership in two and ten years’ time, by age group, % of respondents
Source: YouGov 2012
Bob Pannell, CML chief economist, observes:
"The results clearly show that the British love affair with home-ownership is far from over. But achieving the home-ownership 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, home-ownership. However, we also need to recognise that for the overwhelming majority of people, home-ownership is still the ultimate goal."
NOTES TO EDITORS
1. The Council of Mortgage Lenders' members are banks, building societies and other lenders who together undertake around 95% of all residential mortgage lending in the UK. There are 11.3 million mortgages in the UK, with loans worth over £1.2 trillion.
2. YouGov carried out an online survey of 2005 adults. Fieldwork was undertaken between 23 - 26 March 2012. Results from the survey have been weighted to be representative of all GB adults.
3. The CML research article Maturing attitudes to home-ownership is available from the research section of the CML website.
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