The Council of Mortgage Lenders recently carried out a survey that showed home ownership as the nation’s distinct preference and aspiration and not just for financial reasons.
The research interestingly revealed 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 year’s time, and 15% in ten year’s time
- Sentiment is not the same among social tenants-57% of social tenants still want to be living in social housing in two year’s time and 46% in ten year’s 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 currently not home owners but want to be in two year’s 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 is likely that they will be.
I have been a property lawyer for 25 years and if want any specialist advice regarding buying or selling of property please contact me, Alison Gourley, on 0141 552 3422 or by email firstname.lastname@example.org.