One in three Brits believe becoming a homeowner will help them 'feel grown up'

22 September 2023 , 13:24

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The average renter has been saving to buy a home for the last four-and-a-half years (Image: SWNS)

Brits have shared the top reasons they are keen to become homeowners – with a third saying they simply want to “feel like a grown up”, the research has found.

Other top reasons for wanting to get on the property ladder include feeling like you truly belong where you live, and being able to host family and friends in a place you can call your own.

And a poll of 1,000 adults, who are currently saving for their first home, found that 22% wish they had an outdoor space to call their own – with 15% keen to have their own garden so they can do their bit for nature by creating a wild space.

However, three-quarters of those polled (76%) admit owning their own property feels like “an impossible dream” – as the average tenant has been saving for just over four-and-a-half years, without being able to take that first step.

And 37% don't believe they will become a homeowner even in the next five years.

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The research was commissioned by Shared Ownership Week, whose spokesman said: “The research has shown there are more reasons than you’d think as to why people would love to buy.

“It’s not simply a financial matter, of getting on the property ladder and knowing you’ve made a sound investment. Millions of renters have a desire to do good in their little corner of the world, which is a lot easier when you own it.”

But three-quarters admit getting onto the property ladder feels like 'an impossible dream' (SWNS)

The research also found over half of renters (55%) consider it difficult to truly settle in one area when they’re unable to get on the ladder there.

But 21% are having significant difficulties buying their first property, with another 46% having at least somewhat of a hard time.

And 43% feel they’ve not been able to make their current rental property feel like a home – with 19% even feeling held back in what they want to do in life, by not owning property.

Nearly a fifth (19%) would love to be able to foster or adopt a pet, without having a landlord to deal with – and 14% would like more room to start their own business, in the hope of being their own boss one day.

Of those who are saving, 25% said it makes them feel miserable, while 22% are just annoyed, according to the OnePoll.com figures.

Shared Ownership Week’s spokesman added: “In today's housing market, getting on the property ladder may seem like a daunting task, but it's absolutely achievable with the right guidance and resources.

“Becoming a homeowner is not just about having a place to call your own – it's a milestone that signifies financial stability and a bright future.

“As the real estate market evolves, so do the opportunities for homeownership – there are lots of options, like shared ownership, that can help turn the dream into reality.”

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TOP 10 REASONS RENTERS WANT TO OWN A HOME (OTHER THAN FINANCIAL REASONS):

1. Feeling like you truly belong where you live
2. Being able to finally feel like a “grown up”
3. Being able to host friends and family for once, rather than the other way around
4. Being able to grow your own fruit and vegetables
5. Having your own space to develop your cooking and baking skills
6. Being able to foster or adopt a pet
7. Being able to start a family
8. Being able to put down roots in a local area, and make a difference in the local community
9. Creating a wild space in the back garden, to do your bit for wildlife
10. Wanting to have the room to set up your own business

Sarah Lumley