The British obsession with homeownership is as strong as ever – 96% of current renters still ‘dream of owning a home someday’ Despite the challenges of getting onto the housing ladder, seven in ten (70%) ‘will never stop trying’ and are prepared to chase their dream of homeownership into old age – one in six (16%) of those expecting to buy for the first time this year will be 40 or older However, a record three in five (60%) of today’s renters are ‘trapped’- as they ‘would like to buy but cannot afford to’ – and a third of these (31%) are ‘regressive renters’ who previously owned a property but have returned to the rental sector Help to Buy scheme offers hope to make dreams come true but, as only 15% say their deposit saving is on course, will the majority miss the ‘dream-maker’ window?Despite the travails of the property market post-credit crunch, Britain’s desire to own a roof, rather than rent one, remains stoically undimmed.
A remarkable 96% of those currently in rented accommodation still ‘dream of owning a home someday’ and, despite ongoing issues of affordability, access to credit and difficulties raising a deposit, 70% say ‘they will never stop trying’to make their dream a reality. Rightmove’s survey of more than 3,000 tenants underlines that Britain is a country that dreams to own.Miles Shipside, Rightmove director and housing market analyst comments: “The traditional British love affair with property ownership seems as strong as ever and today’s tenants are so committed to realising their dream of homeownership that most say they’ll never concede defeat. The tricky years since the run on Northern Rock have not deterred them – in fact, they may feel encouraged by a more confident and optimistic mood in the market after years of famine and frustration. Today’s tenants are certainly hungry to be paying off their own mortgage rather than their landlord’s”.