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Strong desire for home-ownership remains

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.

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.

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.”