'People giving up on dream of homeownership' - UK Construction Online
- Date: 06/06/2017
The 2017 Homeowners Survey, an annual study conducted by the HomeOwners Alliance and BLP insurance, has revealed that over 250,000 fewer non-homeowners aspire to own their own property. This is the first time in five years that there has been a drop in the number of non-homeowners who aspire to own.
In 2013, 65% of non-homeowners aspired to homeownership, with this number increasing every year and peaking at 73% in 2016. But this year, the numbers have fallen for the first time, back to 71%. This equates to around 253,166 people across the country who have given up on ownership in the past 12 months. The stats mirror the rise of the government’s flagship Help to Buy programme launched in 2013 and is now receding with the cancellation of the mortgage guarantee part of the scheme in 2016.
The key issues for aspiring homeowners are house prices, saving for a deposit and availability of homes. From a survey, 86% say house prices are the most serious concern, (up 3% in the past year), with 85% citing saving for a deposit as a serious problem (up 1%) and 80% worries about the availability of homes (up 2%).
The findings highlight that concerns over the housing crisis are being raised all over the UK.
Read the full article on UK Construction Online.