Home Ownership Is Still The Aim for Many

The Council of Mortgage Lenders recently carried out a survey that showed home ownership as the nation’s distinct preference and aspiration and not just for financial reasons.

The research interestingly revealed that:

  • The two most popular reasons for valuing home ownership are having the freedom to do what you want and knowing that once the mortgage is repaid the property is yours. Seeing the property as an investment or an asset, or a mortgage as cheaper than renting are cited less strongly.
  • Virtually no existing home owners wish to have a different tenure in the future.
  • Private tenants generally appear to view their position as a temporary state. Around 56% of private renters would like to own within the next two years, and 71% aspire to own within ten years. Only 26% of existing private tenants would prefer to be renting in two year’s time, and 15% in ten year’s time
  • Sentiment is not the same among social tenants-57% of social tenants still want to be living in social housing in two year’s time and 46% in ten year’s time.
  • Among those who want to be home owners but are not currently, there is a substantial majority who do not feel confident that they will achieve that aspiration. Less than a quarter of those who are currently not home owners but want to be in two year’s time , believe it is likely.
  • The disparity between hope and expectation is particularly marked among younger age groups-fewer than half of those aged 18-24 who want to be home owners in ten years think it is likely that they will be.

I have been a property lawyer for 25 years and if want any specialist advice regarding buying or selling of property please contact me Alison Gourley on 0141 552 3422 or by email ajg@mitchells-roberton.co.uk.

This entry was posted in In The News, Legal by Alison Gourley. Bookmark the permalink.

About Alison Gourley

Alison graduated from Edinburgh University School of Law in 1991. She joined Mitchells Roberton in 1996 and became an Associate thereafter. Alison specialises in both commercial and residential conveyancing, advising individuals, large and small businesses, banks, charities and further education institutions on all property transactions. Having 20 years experience in property law Alison has developed excellent relationships with surveyors, independent financial advisers and banks so is ready to act swiftly and effectively to meet her clients’ needs in an ever changing property market. She enjoys getting to know her clients and is committed to giving them an efficient service and is always friendly and approachable. She is also involved with the marketing aspects of the firm and is the solicitor in the office who trains the conveyancing paralegals. Alison is married to a photographer and has one child. In her free moments she likes to keep fit. She is a talented amateur artist and loves nature and the great outdoors.

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