Home Ownership Remains The Goal For Many
There is no denying the pandemic has impacted people’s views on property, finances, and what matters most to them. It also appears as though many people are looking for a change in scenery.
When you consider how much time we have all spent at home in the past year, it is perfectly understandable that people are looking to change their surroundings.
People are looking for a change in scenery
Tenants want to own property, and people living in homes want to move to a larger home, or to a home with more outdoor space.
Therefore, even though this has been a challenging year, and more challenges will follow, people still dream of owning property.
This is something we have seen when talking with locals, and it is something which comes across in various studies.
A recent study carried out by Aldermore indicates close to half of the tenants spoken to still dream of owning their home.
Aldermore spoke with 2,000 private tenants in the UK, and 45% say “owning a home is a life goal”, and 26% are actively saving for a deposit.
The areas which saw the most significant level of intent from renters to buy were:
South East of England
We are most interested in the Greater London area, and this correlates with our research.
People are realistic about owning property
While it is good to have a dream about property ownership, it isn’t easy to buy a home. The same study saw people speak about the challenges they’ll face, and need to overcome, when looking to buy property.
Obstacles that have to be overcome include:
38% of respondents said they were actively looking to upgrade their credit score
30% of respondents were concerned about raising a deposit
28% of private tenants cited their credit history as a concern
17% of respondents cited affordable house prices
13% said high rental costs was a concern
8% of respondents said securing a mortgage was their biggest obstacle
Jon Cooper is the head of mortgage distribution at Aldermore, and he said: “The experience of lockdown has focused renters’ minds to work towards owning a home more than ever before, but it is clear from the data that renters see credit issues in their past as a problem for them. And with many dealing with furlough and reduced incomes recently, it is understandable they may feel the dream of homeownership is far from reach. However, the challenges they face are not as large a barrier to buying a home as it may have been in the past. Specialist lenders, like Aldermore, consider borrowers with credit issues, including debt and CCJs, alongside those experiencing furlough, so options are open as we begin the new year for renters that previously may have been turned away from high street lenders.”
If you are looking for guidance or assistance in the Enfield property market, we can help. At Atkinson Residential, we are estate, land and letting agent specialists, and we look forward to assisting you as best we can. If you would like to arrange a property valuation, please call us on 020 8366 0261, while you can contact us on 020 8342 1234 for all letting enquiries.