Owning a home remains a dream for many
As you can imagine, we take a great interest in people’s attitude towards owning a home. At Anthony Jones Properties, we are pleased to say we are active in Darlington and Wynyard. We speak with homeowners, property buyers, landlords and tenants, and we like to think we have a good idea of the local outlook when it comes to homes.
However, we also pay attention to national studies. After all, the prevalent attitude in the local area might be different to the wider picture across Great Britain. This is why the new study by Go.Compare Home Insurance is of interest.
The Homeownership Dream: Fading or Evolving?
Six out of ten non-homeowners now believe they'll never own property. Yet, paradoxically, 76% still consider homeownership important. This tension reflects the complex emotions surrounding the British housing market.
The Numbers Game: A Sobering Reality
With an average salary of £59,307 needed to buy a UK home, the dream feels increasingly out of reach. Shockingly, no industry in the UK offers an average wage meeting this threshold, according to ONS data.
Rethinking Priorities: Why Some Are Opting Out
Some of the key findings in the study paint a clear picture of the challenges many prospective property buyers face:
- 30% view homeownership as too big a commitment
- 28% find renting easier
- 22% have other financial priorities
- 17% believe renting offers better value
- 14% fear potential losses due to house price fluctuations
What This Means for You
If you are looking to buy property, or you’re a homeowner looking for causes for optimism about how new buyers will come to the market, we believe the following steps are sensible ones for potential buyers to take:
- Reassess Your Goals: Is homeownership still your priority, or are there other ways to achieve financial security?
- Explore Alternatives: Look into shared ownership schemes or consider long-term renting with investment in other assets.
- Financial Planning: Whether aiming to buy or not, focus on building savings and improving your credit score.
- Stay Informed: Keep track of local property markets and government schemes that might make homeownership more accessible.
- Embrace Flexibility: Renting can offer freedom to move for career opportunities or lifestyle changes.
The Future of Living in Britain
As the housing landscape shifts, we may see:
- More innovative rental models
- Increased focus on tenant rights and long-term renting solutions
- New financial products bridging the gap between renting and owning
While the path to homeownership narrows, new opportunities and ways of thinking about housing are emerging. Stay informed, adaptable, and focused on your personal goals in this changing market.
Nathan Blackler is a home insurance expert at Go.Compare, and he has spoken on this topic, saying: “It’s disheartening to find that the majority of renters and residents who don’t yet own a home don’t believe they ever will due to the current economic climate and the shape of the housing market. Despite this, it’s still a goal that most want to achieve, which is why more needs to be done about the issue.”
Nathan continued by saying: “Our research has shown that it’s simply unattainable for the average worker to be able to afford, and many non-homeowners believe that the government needs to step in to help first-time buyers get on the property ladder. Whether that is achieved through subsidised house prices, stamp duty relief, or improved government schemes such as help-to-buy ISAs, shared ownership or 99% mortgages.”
At Anthony Jones Properties, we appreciate the challenges homebuyers face these days. We know some people don’t believe they can step on the property ladder right now, but there is still movement in the market.
Whether you are a homeowner looking to sell, or someone who is currently renting but who dreams of owning your own place someday, we can help.
Contact Anthony Jones for all Darlington property matters
If you are looking for help with any matter of the Darlington property market, it is best to speak to property professionals. No one knows for sure what is going to happen next, so we won’t claim to have all the answers, but the Anthony Jones team is keen to help you as best we can. If you would like to contact us over housing matters, please call us today on 01325 776424.
