80% of people aspire to own in 10 years
Homeownership remains a primary concern across the UK, according to research on housing tenure by the Council of Mortgage Lenders (CML).
Figures published as part of a long-running series on attitudes to housing tenure confirms homeownership remains firmly in place as the nation’s overwhelming preference.
72% of adults want to be homeowners in two years’ time, and 80% hope to own in 10 years’ time, broadly in line with the 30-year average sentiment.
But the report by CML chief economist Bob Pannell, based on a survey undertaken on behalf of the CML by YouGov in late June/early July, also reveals some less predictable findings. These include how people perceive part-ownership, and who they think should be helping young people who face affordability hurdles.
In his foreword to the time series, CML director general Paul Smee said: “Like all good research, the findings give rise to some searching questions for the industry and government – not least, how far it is possible to balance the tension between aspiration and achievability, which continues to be a feature of the UK’s relationship with homeownership?”
“Should tenure neutrality be the ultimate policy aspiration?”
The research also confirms that around half of respondents view partial homeownership as a good idea; around five times the proportion of those who see it as a bad idea.
When it comes to possible government action, special incentives to save for deposits were favoured by more than half and topped the list, closely followed by introducing subsidies for all first-time buyers.
Over a third favoured the measures of abolishing stamp duty, reintroducing mortgage interest tax relief, and requiring developers to discount prices of some new homes, among others.