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Homeownership remains key life goal despite impact of Covid-19 on housing market

The average property price in Britain is around £250,000

Research by Wayhome, the Gradual Homeownership provider, has revealed that 58% of renters in the UK consider buying a home a priority, despite the pandemic putting many people’s plans on hold.

Owning a home takes precedence over getting married or entering a civil partnership (49%), or entering an early retirement (30%).

Although lockdowns brought the housing market to a temporary halt for a significant portion of 2020, and house prices continued going up, 45% of 18-23 year olds remain steadfast in their desire to own a home.

The desire only intensifies as people get holder. 56% of 24 to 42 year olds and 58% of 43 to 54 year olds consider home ownership as a key life milestone.

However, significant barriers to home ownership remain. The ONS revealed the average property price in Britain to be around £250,000. As buyers are likely to spend nearly 8 times their salary, affordability, as well as jobs security, remain significant concerns for many.

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Nigel Purves, CEO of Wayhome commented: “It’s clear that the pandemic has done nothing to dampen people’s appetite for homeownership and we know it remains the ultimate life goal for significant numbers of people. 

“But the reality is that following on from the pandemic and subsequent lockdowns, becoming a homeowner may be far harder than it ever was before. Indeed, with house prices ballooning, the cost of living rising and additional Government support still in force – great numbers of people have no choice but to continue renting for the foreseeable future or compromising on the type of home they can afford to buy, which might not be suitable for their needs long-term. If we want a sustainable housing system, which enables more people to take a step onto the ladder earlier in their lives, we need to see innovation within the industry. Aspiring homeowners deserve the security and stability that comes with homeownership.”

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