The number of people taking out mortgages has increased for the first time in a decade, representing an increase in homeownership according to the UK government’s English Housing Survey.
This echoes research conducted by law firm Collyer Bristow, published in its Home Ownership Attitudes and Aspirations report.
Those buying properties predominantly fund them by savings (63 percent), however 32 percent are supported by the ‘Bank of Mum and Dad’.
Additionally, inheritance played a key role, with 31 percent of homeowners have inherited property or cash. While 21 percent expect to use future inheritance to fund a property purchase in the next five years.
The report also found that 100 percent of 20-24 year olds hope to buy their own home, while just 59 percent of 25-34 year olds do.
There is also a differentiation in gender as 73 percent of men hope to buy their own home within the next five years, while only 57 percent of women do.
Just nine percent have no aspirations to buy their own home at all.
Collyer Bristow’s Home Ownership Attitudes and Aspirations report is based on a panel of adults aged between 20 and 44 living and working in London and the South East living both in rented accommodation and their own homes.
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