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Home Ownership Is Still an Aspiration for Many
Recent research into attitudes towards housing tenure has found that home-ownership is still the nation's overwhelming preference and aspiration - and not purely for financial reasons.
The research, by the Council of Mortgage Lenders, found 72% of adults want to be home-owners in two years' time, and 80% hope to own in ten years' time, which is broadly in line with the 30-year average sentiment.
The research also found that:
- The two most popular reasons for valuing home-ownership are having the freedom to do what you want, and knowing that once the mortgage is repaid, the property is yours. Seeing the property as an investment or an asset, or a mortgage as cheaper than renting, are cited less strongly.
- Virtually no existing home-owners wish to have a different tenure in the future.
- Private tenants generally appear to view their position as a temporary state. Around 56% of private renters would like to own within the next two years, and 71% aspire to own within ten years. Only 26% of existing private tenants would prefer to be renting in two years' time, and 15% in ten years' time.
- Sentiment is not the same among social tenants - 57% of social tenants still want to be living in social housing in two years' time, and 46% in ten years' time.
- Among those who want to be home-owners but are not currently, there is a substantial majority who do not feel confident that they will achieve that aspiration. Less than a quarter of those who are not currently home-owners, but want to be in two years' time, believe it is likely.
- The disparity between hope and expectation is particularly marked among younger age groups - fewer than half of those aged 18-24 who want to be home-owners in ten years think it likely that they actually will be.
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