80 per cent want to own their own home
Owning their own property is still a major aspiration for most British adults with 80% saying they hoped to buy a property within the next 10 years
According to a report by YouGov for the Council of Mortgage Lenders, 72% said they hoped to buy a home within the next two years alone.
However, many who participated in the research noted that buying conditions for younger generations, in particular, was difficult, with three-quarters saying that more help was needed for first-time buyers to take their first step on the property ladder.
CML director general Paul Smee said: “Like all good research, the findings give rise to some searching questions for the industry and Government – not least, how far it is possible to balance the tension between aspiration and achievability, which continues to be a feature of the UK’s relationship with home-ownership.”
Read more: A million help to buy ISAs opened since 2015
Despite less than a quarter of those surveyed stating they believed they would be able to buy a property for themselves within the next 24 months, in particular, the 18 to 24 age bracket, attitudes towards partial home-ownership was favourable with over half seeing this option as a potential stepping stone to full ownership in the future.
Why is the desire to buy so strong?
The two key reasons noted for aspiring to own a property was the freedom to decorate the property and make changes and also the knowledge that once the mortgage has been paid, the property is yours – more so than seeing property ownership as financially advantageous or a long-term investment.
Read more: Pay catching up with house prices
Tellingly, virtually none of the current homeowners who took part in the study said they wished to move away to a different type of future tenure.
One issue facing many future homeowners is still saving for the initial deposit. The high cost of renting is often a hindrance to saving up that initial deposit.
Finance is once again becoming more readily available and Help to Buy offers the option of taking a 75% mortgage with only 5% deposit (something that is currently available all LPC living properties for sale, where eligible). Another solution to this is more affordable renting options. ELSA, by LPC Living provides just this, luxurious professionally managed house shares, where tenants pay just one monthly bill, which includes a number of extras such as regular cleaning, TV licence, council tax and Netflix as standard.
In fact a recent survey of all ELSA residents found that one of the main reasons for moving into an ELSA property was affordability and to save a deposit to purchase a future home, all residents that were surveyed also stated that they wish to remain in an ELSA property for more than a year, with the intention of the next property they move to being one which they hope to purchase.
More information on ELSA can be found at www.elsaliving.co.uk