We want homes, say Brits
The overwhelming majority of the population want to own their own home, according to new research.
14:28 25 May 2004
The overwhelming majority of the population want to own their own home, according to new research
A quarterly survey by The Council of Mortgage Lender's (CML) found that 72 per cent of those surveyed would like to be owners in two years time and 81 per cent in ten years time.
However, there has been a marked decline in the short-term desire for home-ownership among people under 25. Only 37 per cent of this group want to own in two years time, although 76 per cent want to own in ten years time.
But 76 per cent of those aged between 25 and 34 wanted to own within two years time and 87 per cent wanted to own in ten years time.
The CML said these figures indicate that young people anticipate delaying entry into home-ownership until they are at least in their mid-30s.
Reasons for this are likely to include lifestyle choices or a short-term preference for the flexibility and mobility of renting, though affordability constraints have become an increasing problem particularly since 2000, the CML said.
In terms of the perceived risks of owning, the greatest concerns were about keeping up mortgage repayments when ill or unemployed - 40 per cent of respondents mentioned this altogether.