How important is owning your own home?

May 24, 2021

Enable’s mortgage brokers in Bishop’s Stortford have long known that owning your own home is important to most of us. Despite the recent pandemic turmoil the company Wayhome have done some research that suggests homeownership is still a key life goal.

Home ownership

Their study suggests that almost three fifths, or 58%, of the UK’s renters and homeowners, but owning a home at the top of the list as their “ultimate life goal”. 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.”

There are of course many life goals on the list and indeed getting married or entering a civil partnership came next at 49%, then having a child at 48%, with early retirement coming in at 30%. They say that despite the health crisis causing so much disruption the desire to own a home actually went up by 1% over the last year. 

And as the housing market has really opened up and annual prices have jumped some 8.6% to an average of £250,341, according to the Office for National Statistics the desire to be the owner of your own home has not waned. 

It is interesting to note that the desire to own your own home increases with age, according to the study. It says that a bit 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.

It can also be affected by gender as 61%, of women, and 56%, of parents in the study, are more focused on homeownership, compared to men, 54%, and those without children at 36%. Enable’s mortgage brokers in Bishops Stortford can help you look at getting the right mortgage to help you to own your own home.

Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage

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