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Homeownership still a goal despite pandemic disruption – Wayhome

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  • 13/05/2021
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Homeownership still a goal despite pandemic disruption – Wayhome
Although many life plans have been put on hold or altered due to the pandemic, owning a home remains the main goal for 58 per cent of renters and homeowners in the UK, Wayhome research has found.

 

A survey conducted on behalf of the gradual homeownership company by Censuswide among 1,000 private renters and 1,175 homeowners over the age of 18 found this was a bigger priority than the 49 per cent of respondents who cited marriage or civil partnership as a major life goal. 

This was followed by having a child, as stated by 48 per cent of people and early retirement, which was an aim for 30 per cent of respondents. 

The same study conducted by Wayhome last year found 57 per cent of people considered owning a home as main goal, a one per cent change, suggesting the disruption caused by the pandemic had not put people off getting onto the property ladder. 

The desire for homeownership also seemed to become more prevalent with age. 

Some 45 per cent of those aged between 18 and 23 considered it a priority, while it was of importance to 26 per cent of 24 to 42-year-olds. 

A further 58 per cent of those aged between 43 and 54 saw homeownership as a key life milestone. 

Nigel Purves, CEO of Wayhome, said: “It’s clear that the pandemic has done nothing to dampen people’s appetite for homeownership and we know it remains the ultimate life goal for significant numbers of people.   

“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.” 

 

Renting and affordability 

Purves added: “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.” 

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