Over the past decade, the UK, patterns of homeownership have shifted significantly: private renting has doubled since the late 80s while growing numbers of Brits across the age spectrum are renting homes for longer periods than their parents ever did.
However despite an entire generation being defined by how out of reach homeownership is, an online portal for Shared Ownership properties Share to Buy has collated research that shows most Britons would prefer to buy rather than rent, with over half ranking home ownership as their number one top life goal.
According to a survey by building society Santander of would-be first-time buyers, 9 in 10 aspire to own their own home one day with the top life goals ranked in order of importance are:
- Home Ownership (51%)
- Achieving financial stability (40%)
- Travel (29%),
- Starting a family (27%)
- Retirement security (16%)
When asked why owning a home is such a crucial life goal, 56% of those questioned said it was for a sense of security, while 36% saw it as something to pass on to their children. Another 36% say owning is more affordable than long-term renting.
According to a Share to Buy survey of 1,000 six- to ten-year-olds, the British home ownership dream starts young, with three-quarters of youngsters saying they’d like to purchase a property when they’re older, and over half hoping to do so before the age of 30.
But the reality of home ownership is a lot more challenging. For Londoners, where the demand for homes is higher than what’s available, research shows:
- 60% of people are expected to be renting by 2025
- 70% of would-be first-time buyers already believe the dream of home ownership is well and truly over
- 64% say it will become even more difficult for future generations.
Although homeownership challenges are particularly acute for middle-income earners, individual buyers and those unable to turn to the ‘bank of mum and dad’.
The gender gap is also prevalent as research shows men have saved twice as much as women towards a deposit (11,660 compared to £5,620) while just over one in three men (35%) and nearly half of all women (48%) have not saved anything at all.
For more on Shared Ownership, visit: sharetobuy.com
