Wednesday, June 13, 2012
Strong desire for home ownership remains, but can it be
fulfilled?
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
(CML).
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 one-third of
those who hope to be home owners in two years' time actually expect
it to happen.
Mr Pannell observed that "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."