Younger renters are more optimistic
Older people who are currently residing in rental properties are still not feeling overly optimistic about the prospect of owning their own home according to a new study. The study revealed that three out of every 10 private tenants think they will probably be renting for live.
Younger people seem more optimistic however, with more than half of those in the age group 18-24 years thinking that they will get on the property ladder compared to those aged between 35 and 44.
Dreams of buying a home happen more to women. A recent study into first-time buyers found that more women have home ownership as a life goal than men. This doesn’t translate into confidence however, as women are less sure that they will actually see their dream turn into a reality and be able to buy their own property with help from Conveyancing Solicitors London.
When 1,000 potential homeowners were questioned about their optimism levels for getting onto the bottom rung of the property ladder – surveyed 87 percent of women – nearly nine out of 10 – said they had dreamed of being the owner of the home, compared with 71 percent of men.
One third believe they will rent for life. A recent YouGov poll revealed that a third of those currently renting houses believe they will do so for the rest of their lives. Getting onto the first step of the property ladder is still viewed as an essential part of adult life for many people. If the time is right for you, get some information on Conveyancing Solicitors London at a site like Sam Conveyancing.
It’s not all doom and gloom however as last year saw those buying for the first time make up the majority of mortgage applications for the first time in more than two decades. This suggests that, with the right support and some sacrifices, home ownership may still be an attainable goal. There are considerable barriers to saving for a large deposit and it can feel like an impossible task. Thankfully, there are a number of options out there to help first-time buyers put on the right track.
There is also evidence of a gender gap in terms of the expectations of home ownership between men and women. More women than men think that to get a deposit together will be the biggest barrier to buying a home. And only one in five (26 percent) of women think they are going to apply for a mortgage on their own which compares to 39 percent of men who believe the same.
The barriers that people see preventing them from home ownership appear to be felt more keenly by women. In the future, financial inequality must be overcome to help get rid of gender disparities so that home ownership can be achieved for all.