A new survey has revealed the majority of British people want to become homeowners and the reasons behind this are not predominately financial
New research shows there is still a considerable desire for Britons to become homeowners. According to data from the Council of Mortgage Lenders (CML), 72 per cent of adults want to own property within two years’ time, while 80 per cent are aiming for within a decade.
The report from CML chief economist Bob Pannell also found some interesting insights into the different ways of owning property, such as shared ownership. The survey, which was carried out on behalf of CML by YouGov, found around half of all respondents thought shared ownership or shared equity is a good idea—around five times the amount who thought it is a bad idea. In fact, the survey revealed part ownership was seen as a stepping stone to gaining full ownership.
Harder than ever for young people to become homeowners
The survey found that the majority of respondents thought it was harder than ever for young people to buy their own home, and 75 per cent said intervention was needed to help first time buyers. Overall, the government was seen as having a responsibility here, but so were mortgage lenders, house builders, and local authorities.
Respondents were more in favour of incentives to save for deposits, with more than half stating this, but also subsidies for first time buyers. More than a third said stamp duty should be abolished and mortgage interest tax relief reintroduced.
Homeownership provides freedom
Furthermore, the survey revealed the value of homeownership is not just financial, but about the freedom to live how you want, and the end result of owning property outright once the mortgage completes.
A total of 56 per cent of private renters revealed they want to own their own home within two years and 71 per cent within 10 years. Only 26 per cent of private tenants still want to rent in two years and 15 per cent in 10 years.
Social housing tenants saw different results, with only 57 per cent aspiring to own their own home in two years and 46 per cent in 10 years.
