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Brexit can’t dent Brits’ appetite for homeownership

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Written by: Christina Hoghton
27/07/2016
In or out of the EU, we are still a nation obsessed with getting onto the property ladder.

Aspirations to homeownership remain strong in the UK, even when Brits were surveyed just days following the Brexit vote, according to trade body, the Council of Mortgage Lenders (CML).

A massive 80% of adults wanted to be homeowners in 10 years’ time, according to the survey, commissioned from YouGov.

When asked about their preferred tenure in two years’ time, 72% said they wanted to be homeowners, showing they are undeterred by fears of a recession.

The CML admitted that it was possible the Brexit vote may have dented the desire for homeownership for some, but its survey findings are in line with results stretching back over the last 30 years.

Borrowers still optimistic

At least four-fifths of all adults under 55 years old hope to be homeowners in 10 years’ time, despite the well-known challenges of getting onto the property ladder.

But many view renting privately or living with family and friends as attractive short-term alternatives.
The CML pointed out that the ‘British love affair with home-ownership appears to have survived Brexit’.

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