The average property price in the UK is around £250,000
58% of UK renters consider buying a home a priority, despite the pandemic putting many people’s plans on hold, according to research from tiered homeownership provider Wayhome. It became clear.
Owning a home is a priority over getting married or entering a civil partnership (49%) or starting early retirement (30%).
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Although lockdowns brought the housing market to a standstill and house prices continued to rise for much of 2020, 45% of 18-23 year olds still have a strong desire to own a home.
As people become owners, that desire only intensifies. 56% of 24- to 42-year-olds and 58% of 43- to 54-year-olds consider homeownership an important milestone in life.
However, significant barriers to homeownership remain. The ONS revealed that the average property price in the UK is around £250,000. Affordability and job security remain major concerns for many, as buyers are likely to spend nearly eight times their salary.
Wayhome CEO Nigel Purves said: “It’s clear that the pandemic has done nothing to dampen people’s desire for homeownership, and we know that homeownership remains the ultimate life goal for many people. .
“But the reality is that the effects of the pandemic and subsequent lockdown may make becoming a homeowner much more difficult than before. In fact, house prices have soared, the cost of living has increased and additional With government support still in place, many people will continue to rent for the time being or compromise on the type of housing they can buy. If we want a sustainable housing system that allows more people to move up the ladder early in life, we need to innovate within the industry. Aspiring homeowners deserve the security and stability that comes with homeownership.”
