22 Oct

Brits still want to own their own home

Brits still want to own their own home

The majority of Brits want to be homeowners, according to a new survey.

Research by the Council of Mortgage Lenders (CML) found 72 per cent of adults want to own their own property in the next two years and 80 per cent wish to do so within a decade.

The CML study also revealed that many younger wannabe homeowners regard part ownership via schemes such as shared equity as a good idea and is a vital stepping stone to owning all of their home.

It was also revealed 75 per cent believe more support is needed for first-time buyers keen to step on to the property ladder.

Some of the suggestions to do this include special incentives to encourage saving towards a deposit, with backing for the removal of stamp duty tax and reintroducing mortgage interest tax relief.

CML director general Paul Smee said: “Like all good research, the findings give rise to some searching questions for the industry and government - not least, how far it is possible to balance the tension between aspiration and achievability, which continues to be a feature of the UK’s relationship with home-ownership? And should tenure neutrality be the ultimate policy aspiration?”ADNFCR-1222-ID-801827556-ADNFCR

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