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Engen Group: A majority of people don’t aspire to be homeowners

Michael Lloyd

January 8, 2020

buyers

Over three fifths (63%) of people who don’t currently own a property want to buy their own home in the future, Engen Group has found.

One in four (23%) do not want to own their own home, and 14% are not sure.

Of those that don’t want to own their own home, 52% said it’s because they prefer to rent, and 28% said they used to own property but would now prefer not to.

A further 14% put it down to being too expensive to buy, and 7% think they are now too old to do this.

Graeme Boiardini, chief executive of Engen Group, said: “Our research shows that not everyone who currently doesn’t own their own home wants to in the future, with many preferring the flexibility of renting.

“However, there are still many who want to get on to the property ladder but can’t because of the cost.

“Sadly, some people also seem to have given up because of their age, believing they have left it too late to secure a mortgage, for example.”

Of those adults currently living at home with family, 32% said it’s because they can’t afford to move out, but one in five (21%) said they have no desire do to this.

Some 19% said they are only living with family members on a temporary basis as they are saving for something specific such as a deposit for a house or to go travelling.


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