The CML annual market research survey shows that 72% of those surveyed would like to be owners in two years time and 81% in ten years time.
However, there has been a marked decline in the short-term desire for home-ownership among people under 25. Only 37% of this group want to own in two years time, although 76% want to own in ten years time. In contrast, among those aged between 25 and 34, 76% wanted to own within two years time and 87% wanted to own in ten years time. These figures suggest young people anticipate delaying entry into home-ownership until they are at least in their mid-30s. Reasons for this are likely to include lifestyle choices or a short-term preference for the flexibility and mobility of renting, though affordability constraints have become an increasing problem particularly since 2000. The CML is looking at ways that the 11% of households who want to own but do not currently do so might be able to access home-ownership on a sustainable basis through low cost home-ownership or flexible tenure initiatives.
In terms of the perceived risks of owning, the greatest concerns were about keeping up mortgage repayments when ill or unemployed - 40% of respondents mentioned this altogether. These risks are insurable, but two-thirds of those who mentioned this risk did not have cover, which highlights the need to improve awareness around risk and safety nets.
