More people across the UK now want to own their own home

More people across the UK now want to own their own home [Photo: oneinchpunch via iStock]

Young people across the UK still see home ownership as a life goal and a milestone, with a growing number now deciding they want to get onto the property ladder at some point, according to a new report released this week. 

In the last few years, there has been a real rise in the volume of people who have moved away from the idea of owning a home, thanks to the rise of the so-called 'generation rent' and the fact that young professionals were starting to see renting as a more affordable and convenient alternative to owning a property. 

And while this has brought about a reality where the number of owners nationwide has dropped far below the 2002 peak of more than 69 per cent, the attitude towards ownership seems to be changing again, with the report from the HomeOwners Alliance showing that more people than in recent times now want to get themselves onto the ladder. 

It said that in 2016, some 73 per cent of people said they would be looking to buy their own home at some point in the near future. This is a marked rise from the 69 per cent who said the same last year, and shows a continued steady climb from the 68 per cent and 65 per cent in 2014 and 2013 respectively. 

One of the main reasons that people are once again turning back towards home ownership is the simple fact that it is still seen as being something of an aspirational thing in the UK, and something of a milestone for life. While it is not the case in Europe and perhaps even in the US that people always want to buy their own property, the UK has always been a nation of homeowners, and this is something that is still being passed down. 

According to findings from another survey published by Aviva, as many as 81 per cent of people aged between 18 and 34 believe that it is a major life milestone to own a home, showing that the market still retains that traditional train of thought that it has had for a number of decades. 

However, one of the main problems that exists at present within the property sector is that even though people want to buy, and have been enticed to do so by positive governmental action, there are still not enough affordable homes nationwide to turn these intentions to buy into a reality. 

Paula Higgins, chief executive of the HomeOwners Alliance, said: "Despite a blizzard of government initiatives aimed at helping homeowners, the housing crisis is deepening across the country, with ever more non-homeowners wanting their own home, and ever greater concern about the lack of housing.

"Many government policies have boosted demand for homes, but what this survey shows is that the real problem is the desperate shortage of houses. Until the government tackles the fundamental issue that we just don’t have enough good quality homes, the housing crisis will continue to deepen and a generation will continue to have their dreams of home ownership crushed," she continued.