With so much to consider in the past year, including so many challenging financial matters, it is no surprise that some households are placing their property dreams on hold.
However, many tenants are determined to own property. For many people, it makes more sense to funnel their money into an asset, as opposed to paying for an asset of someone else. Also, many people want to call someplace their own, and homeownership provides a level of comfort and security that many people desire.
Home ownership matters to people of all ages
Recent research undertaken by property service Wayhome shows cases some of the priorities people have in the property market right now.
Some of the findings from the study are as follows:
49% of respondents said that home ownership was a more pressing priority than getting married or entering a civil partnership
48% of respondents said home ownership was more important than having a child
45% of respondents aged between 18 and 23 years old said they continued to have a strong desire to own property
56% of people aged between 24 and 42 years old desired owning property
58% of people aged between 43 and 54 considered home ownership as a priority
Perhaps unsurprisingly, women and parents held a greater desire to own property than men and people who didn’t have children
What are your property dreams?
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.”
Nigel Purves concluded by saying; “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.”
If you are looking to buy property and want guidance on how to best start the process, please contact us to arrange an appointment. We know moving from renting property to homeownership is a big step, but it is a dream for many tenants. At Austin Property Services, we are keen to turn this dream into a reality for as many of you as we can.