Research has historically shown that most people aspire to own their own home and it is often said that 90% want to do so. But a survey from the Chartered Institute of Housing shows that fewer now want to.
It is young people in particular who seem to have gone off the idea of property ownership. Just 37% of 18 to 24 year olds said they thought property ownership is right for them.
But most people still believe it is worth investing in property with 70% saying overall that it was a good option. Just 14% of respondents believed renting was a cheaper and safer option than property ownership.
However, there is some evidence that many people are looking again at the issue of home ownership. Over the past 12 months an estimated 2.4 million people have changed their opinion that homeownership is right for them, when asked their ideal living situation before the credit crunch and recession, compared to their ideal living situation now.
The biggest change in attitudes has come in the 25 to 34 age range with a 14% reduction; from 83% saying to own their own home was their ideal living situation before the credit crunch, compared to 69% saying it is currently their ideal living situation.
And around 8% of respondents suggest they are less likely to encourage their family members to aspire to home ownership.
The spectre of negative equity is also a major concern for a significant proportion of the population. As house prices continue to fall, around one in ten homeowners buying with a mortgage who took part in the survey indicated they were either currently experiencing or expecting to face negative equity over the next 12 months.
This figure rises to 28% of people in the 25 to 35 age group. Overall, a quarter of UK adults, some 12 million people, expect to face financial difficulties paying their housing costs over the next year.
'We've driven too many people into unsustainable owner occupation and we need to make a far better job of putting renting and owning on a level playing field. A generation has grown up believing it has to own at any cost – in part because we haven't provided them with decent information about the alternatives. We can't repeat this mistake with future young people,' said CIH Chief Executive, Sarah Webb.
