Renters' desire for homeownership goes beyond financial reasons
According to a recent poll of 1,000 adults saving to get on the property ladder, owning their own home is not just a financial aspiration for renters. The research, commissioned by Shared Ownership Week, found that renters have a variety of motivations for wanting to buy a property. These include starting a family, making a difference in the local community, having space to grow their own fruit and vegetables, and being able to foster or adopt pets without landlord restrictions.
Buying a home provides a sense of belonging and personal growth
The research also revealed that owning a home allows renters to feel like they truly belong in their community and fosters a sense of personal growth. Many renters expressed a desire to feel like a "grown-up" and create a wild space in their garden to contribute to wildlife conservation. Additionally, owning a property provides renters with the opportunity to set up their own business and have more control over their professional future.
Challenges faced by renters in buying their first property
Despite their strong desire to own a home, renters face significant challenges in achieving this goal. More than half of the respondents found it difficult to settle in one area when they are unable to get on the property ladder. The research also showed that 21% of renters are having significant difficulties buying their first property, and an additional 46% are experiencing some level of difficulty. Furthermore, 43% of renters feel that they have not been able to make their current rental property feel like a home.
The emotional toll of saving to buy a property
Renters have been saving for an average of just over four-and-a-half years without being able to take the first step towards homeownership. As a result, 76% of respondents described buying their own home as "an impossible dream". The emotional toll of saving was also evident, with 25% of renters feeling miserable and 22% feeling annoyed while saving for a property, according to OnePoll.com.
Shared Ownership as a solution
Shared Ownership Week's spokesperson emphasized that owning a home is not only about having a place to call one's own, but it also signifies financial stability and a bright future. While the housing market may seem daunting, there are options like shared ownership that can help turn the dream of homeownership into a reality. The spokesperson encouraged renters to seek the right guidance and resources to achieve their homeownership goals.
Top 10 reasons renters want to own (other than financial reasons)
- Feeling like you truly belong where you live
- Being able to finally feel like a ‘grown up’
- Being able to host friends and family for once rather than the other way around
- Grow your own fruit and vegetables
- To have your own space to develop your cooking and baking skills
- To foster or adopt a pet
- To start a family
- You can put down roots in a local area and make a difference in the local community
- Create a wild space in the back garden to do my bit for wildlife
- Want to have the room to set up my own business
