How far will people go to buy their own home?
10-09-2014
How far will people go to buy their own home? Property news update
Plus, breaking into your own home, renters' concerns, and where are sales are below average?
More than 10 per cent of 18-24 year olds say they would move outside the UK to buy their own home, says a new report.
The figures from Santander Mortgages from a poll of 2,000 people shows that nearly a quarter of the age group would be happy to change jobs or relocate within the UK to get a foot on the housing ladder.
Overall, a fifth of people said they would be willing to reduce their standard of living by buying cheaper food as well as going without a holiday in order to save for a deposit. Nearly a third of the 18-24 age group admitted that they were relying on an inheritance to pay for a deposit.
Renters' increasing homehunter concerns
Nearly a fifth of renters predict they will never own their home, according to a survey by flatshare site SpareRoom.co.uk. This compares to just 12 per cent three years ago.
Overall, nearly half of renters say they will be unable to buy in the next five to 10 years. Worryingly, around a third also feel that their current rent is 'unaffordable' with Londoners and those in Scotland the most likely to spend more than 50 per cent of their salary on rent.
"The reality is that many young professionals will never own their homes," said Matt Hutchinson, director of SpareRoom.co.uk. "Attitudes to renting for life will have to change as, like it or not, we are heading towards a European approach towards property, where so called ‘lifestyle tenants’ are the norm. Given the British love-affair with property ownership, this is going to be a major cultural change."
Breaking into your own home...
One in four homeowners has broken into their own house, according to figures from Yale. Of the 2,000 questioned, the most common way to enter were through a slightly open window, followed by smashing a window.
A fifth of those forcing their way in say they have been mistaken for a burglar by a neighbour or passer-by, and one in 10 said their neighbours had even called the police.
According to a separate survey by Ocean Finance, a third of people with a burglar alarm in their home do not bother to set the device, while two thirds would take a peak through the curtains if they heard an alarm going off in their road to check what was happening.