Despite the global pandemic putting many major life plans on hold, almost three fifths of renters continue to have ownership as an ultimate goal.
Research by property service Wayhome shows that ownership is viewed as more of a priority than getting married or entering a civil partnership for 49 per cent of respondents, and more important than having a child for 48 per cent.
Despite Coronavirus effectively suspending the UK property market for a significant part of last year and house prices continuing to hit record levels, some 45 per cent of 18 to 23 year olds continue to foster strong desires for homeownership.
This appears to intensify with age with 56 per cent of 24 to 42 year olds and 58 per cent of 43 to 54 year olds viewing getting on the ladder as a key life milestone.
Women and parents were also more focussed on getting onto the property ladder, compared to men and those without children.
Wayhome chief executive Nigel Purves says: “The pandemic has done nothing to dampen people’s appetite for homeownership and we know it remains the ultimate life goal for significant numbers of people.
“But the reality is that following on from the pandemic and subsequent lockdowns, becoming a homeowner may be far harder than it ever was before. Indeed, with house prices ballooning, the cost of living rising and additional government support still in force – great numbers of people have no choice but to continue renting for the foreseeable future or compromising on the type of home they can afford to buy, which might not be suitable for their needs long-term.
“If we want a sustainable housing system, which enables more people to take a step onto the ladder earlier in their lives, we need to see innovation within the industry. Aspiring homeowners deserve the security and stability that comes with homeownership.”
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