Eighty per cent of people still dream of owning own home

Updated: 

The dream of home ownership is still going strong according to new research, despite the surging cost of property and the uncertain economy.

A survey carried out in the weeks following the vote to leave the EU found that although household sentiment at the time was "somewhat brittle", 80% of adults still hoped to own a home in 10 years' time.

The Council of Mortgage Lenders (CML), which commissioned the survey of nearly 2,000 people, said the latest findings are broadly in line with research conducted over the last 30 years.

The latest survey, which included people who already own a home as well as those who do not, also found 72% of people wanted to be home owners in two years' time.

The CML's report said: "There continues to be a strong bedrock desire for home ownership across all age groups."

The research also found people's aspirations for home ownership are strong across the UK generally.

The two most popular reasons for valuing home ownership in the survey were having the freedom to do what you want and knowing that once the mortgage is repaid, the property is yours. 

Only one in six (15%) private rental sector tenants surveyed said they would still prefer to be renting in 10 years' time.

Three-quarters (75%) of people quizzed believe action is needed to help first-time buyers.

Suggested measures in the survey to help people onto the property ladder included more incentives to save for deposits, subsidies for all first-time buyers, abolishing stamp duty and requiring developers to discount the prices of some new homes.

A majority (54%) of people surveyed think schemes that enable part-ownership of properties are a good idea.