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Eight out of 10 want to own a home in next 10 years

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Written by: Christina Hoghton
21/10/2016
Nearly three-quarters of adults (72%) want to be homeowners in two years’ time, and 80% hope to own in 10 years’ time, according to a new report from the Council of Mortgage Lenders (CML).

This confirms that homeownership remains firmly in place as the nation’s overwhelming preference and aspiration, in line with the 30-year average sentiment.

But the report also revealed some less predictable findings, include an enthusiasm for part-ownership of property.

Partial home-ownership (through shared ownership or shared equity) is regarded as a good idea by around half of all adults – around five times the proportion who see it as a bad idea. More people see part-ownership as a stepping stone to full ownership than as a permanent tenure in its own right.

Harder than ever

The majority of people feel that it is harder than it has ever been for young people to buy their own home.  If those who believe it is “very difficult” are included, the proportion rises to 85%.

Three quarters said they believe action is necessary to help first-time buyers, from the government, mortgage lenders, house builders and local authorities.

CML director general Paul Smee said: “Like all good research, the findings give rise to some searching questions for the industry and Government – not least, how far it is possible to balance the tension between aspiration and achievability, which continues to be a feature of the UK’s relationship with homownership? And should tenure neutrality be the ultimate policy aspiration?”

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