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How important is homeownership in the UK?

How important is homeownership in the UK?

Currently, we have a vibrant property market that is fuelled by buyer incentives, enticing first-time-buyers to take their first step on to the property ladder. But just how much does owning a home actually mean in comparison to other life aspirations today?

National estate agent Keller Williams UK decided to ask homeowners how important it was to them that they own their own piece of bricks and mortar.

According to the research, 47% of the people surveyed claimed that owning a house was very important to them, while 23% said that this was somewhat crucial, highlighting just how much it means to own our own property. 30% stated that it held no significance at all to them.

They were then asked to rank the importance of homeownership against other aspirations such as buying a car, having a baby, going on holiday each year, getting married and maintaining a thriving social life.

With almost half confessing that owning property was especially important to them, it’s no surprise that homeownership ranked high, with 23% stating it was the most important thing.

However, one momentous occasion that a lot of us experience throughout our lives came out top. For 26%, having a child was the most important thing in our lives, with homeownership coming second to a family to populate it.

Interestingly, maintaining a social life came in third as the most essential life aspect for 21% while having a yearly vacation also ranked high in importance at 17%. The least important on the list was getting married, with just 6% of people ranking it top, followed very closely by buying a car at 7%.

Ben Taylor, CEO of Keller Williams UK, commented: “We’ve always been a nation of aspirational homeowners and it’s clear this remains a great area of importance for the majority, second only to having children of our own which is pretty understandable.

“However, it’s interesting to see that a third of people don’t consider homeownership as important and this could certainly be a signal that times are changing as many look to rent for longer due to a lack of affordability across the market.

“This change in what we consider important in society is also clear given the fact that more of us consider holidays and our social life more important than tying the knot.”

This post was first published on this site.