Most British people keen to own their property

11 March 2005
A survey commissioned by the Council of Mortgage Lenders has confirmed that British people are as keen to own their property as ever.

According to the research, 80 per cent of all British adults want to own their home within ten years.

However, many first-time buyers seem put off by perceived affordability issues.

Only 72 per cent of those who want to own their homes expect to be able to within the next two years, and the proportion of under 25 year olds who want to own within two years has dropped to 43 per cent, compared with 79 per cent in 1983.

More than 60 per cent of first-time buyers said they were put off purchasing by high house prices, compared with only 30 per cent of those who already own their home.

Nonetheless, the survey confirmed that four-fifths of those currently renting are likely to buy within five years.

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