More people hope to become homeowners

More British people than ever have aspirations to have their own property.

A survey by YouGov for the Council of Mortgage Lenders (CML) demonstrate that 85 per cent of respondents want to be living in their own property within the period of ten years.

Their strong desire to own a home is still present despite the credit crisis, which has affected consumer confidence and brought about funding slump by two-thirds since 2007.

Owner-occupation in the UK reached its zenith at 72 per cent in 2003, and has dropped ever since, hitting 68 per cent in 2009. Nevertheless, consumers have not lost their optimism with regard to their chances of getting on the property ladder in the longer term.

In 2007, 84 per cent of respondents said they wanted to become homeowners in ten years' time.

The most recent survey has demonstrated, however, that over the short term, the aspiration to purchase a home has experienced a slight drop. 76 per cent of the respondents expected to become homeowners in two years' time, which is a fall from 78 per cent in 2007.

Such a drop can be explained for the most part by a substantial decrease in short-term desire for homeownership among the 18 to 24 age group, who are pessimistic about their ability to afford property purchase in the nearest future. Surprisingly, the same age group has the highest home-ownership desire (88 per cent) to acquire a home in the longer term.
 


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