Video transcriptOwning your own home remains one of the key aspirations of people across the UK, new research from the Council of Mortgage Lenders has revealed.
According to the body, 72 per cent of UK adults hope to be living in their own home within the next two years.
Moreover, this figure rises to 80 per cent over a ten-year timescale.
The research confirmed that shared ownership continues to be an attractive option for half of all respondents, although many see this as a stepping stone to achieving full ownership of their home.
However, the majority still believe it is now harder than ever for young people in particular to get their foot on the property ladder, with 85 per cent believing it to be either `difficult` or `very difficult` for this group.
Three-quarters of respondents therefore hope to see increased support for first-time buyers in the coming years.
Action by the government was shown to be the top choice among those who responded to the research, although mortgage lenders, house builders and local authorities were also called upon to play a part.
Specific measures included: increased incentives to save for a deposit, abolishing stamp duty for this group and requiring developers to offer discount prices on some new homes.
Overall, a number of factors were highlighted in people`s desire to own their home. They included having the freedom to do what you want with the property, as well as knowing that when the mortgage is paid off, the property will be all theirs.
Responding to the data, a CML director 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.`
Indeed, more new homes need to be built across the UK in the coming years to address growing levels of demand so mortgage loans will need to be approved.
Lenders, developers, local authorities and the government will therefore need to work more closely in future to achieve this aim, if the aspirations of people up and down the country are to be fulfilled.
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