Optimism for home ownership despite economic climate

Despite economic turmoil, over 80% of nation is still optimistic about owning a property in the next decade.

The high cost of living is making life difficult millions of people across the country. Income levels are dropping, debt levels are increasing along with unemployment figures and a fifth of households are sacrificing food in order to pay their energy bills.

But despite the negative financial outlook for many Brits, some 81% of people still hope to own a property in the next ten years.

Figures from the Council of Mortgage Lenders (CML) show that a staggering 74% of UK adults hope to make their first steps on to the property ladder in the next two years.

“The results clearly show that the British love affair with home-ownership is far from over,” said Bob Pannell, CML chief economist.

“But achieving the home-ownership dream has become more difficult for people, and is likely to remain so, especially for the young.”

Aspirations for homeownership are significantly higher amongst those aged under 35, yet is unclear how people expect to fund these homeownership goals.

The research also highlighted that the majority of those under 35 were privately renting or sharing with family or friends.

“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,” added Mr Pannell.

“However, we also need to recognise that for the overwhelming majority of people, home-ownership is still the ultimate goal.”

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Posted by: WarrenWilson Categories: Buying, Estate Agents, Finance, Selling Tags: , , , Comments Off on Optimism for home ownership despite economic climate

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