Homeownership remains the key goal in life, despite 14 months of pandemic disruption, according to a study from Wayhome.
Almost three fifths, or 58%, of the UK’s renters and homeowners, prioritise owning a home as their “ultimate life goal”, says the gradual homeownership firm.
The report says: “For both renters wanting to make that first step onto the property ladder and current homeowners, homeownership continues to be viewed as the ultimate life goal.”
This beats other milestones the report asked people to rank as their life’s goal.
Getting married or entering a civil partnership came next on 49%, then came having a child at 48%, with early retirement coming in at 30%.
The desire to own a home lifted by 1% over the last year, despite the health crisis causing the housing market to close down for part of last year, while its reopening saw annual prices jump 8.6% to an average of £250,341, according to the Office for National Statistics last month.
The ambition to own a rise increases with age, the study says.
Just under half, or 45%, of 18 to 23-year-olds want to climb the property ladder. Among 24 to 42-year-olds this rises to 56%, with 58% of 43 to 54-year-olds viewing this as a key milestone.
Women, 61%, and parents, 56%, are more focussed on homeownership, compared to men, 54%, and those without children on 36%.
Wayhome chief executive Nigel Purves says: It’s clear that the pandemic has done nothing to dampen people’s appetite for homeownership.”
“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.
“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.”
Earlier this week, another report found that more Conservative voters than Labour supporters think they will own their home by 30, and more of those who voted Remain than Leave say they will be on the property ladder by 40, according to a YouGov poll.
The Wayhome survey was conducted by data group Censuswide in March among 1,000 private renters and 1,175 homeowners.
