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Buyer demand to weaken further

Fewer UK residents aspire to own their own home within the next two years, according to a new national survey.

Some 76% of individuals polled confirmed their aspirations for home ownership in the short-term, according to the survey undertaken by national opinion pollster YouGov on behalf of the Council of Mortgage Lenders.

This compares with 78% the last time the survey was undertaken in 2007.

The CML attributes the slide to a substantially lower short-term appetite (42%) for home ownership among adults aged 18 to 24, due to their desire for greater flexibility and mobility in their living arrangements and a lack of affordability.

Nevertheless, 88% of the same group aspired to own a home within the next 10 years. This compares to 85% of all respondents who hope to become homeowners within the next decade, which compares with 84% in 2007. 

The survey comes ahead of the CML’s Future Housing conference next week and follows the Royal Institution's August housing survey, which reveals a new buyer enquiry net balance of -17, down from -10 last month.

 

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