Home owning ‘aspiration gap’ reaches new high
- The aspiration gap among renters widens to sky-high levels, as over 93% wish to be homeowners, but just 6% expect to buy in the next 12 months
- Comes as almost half (44%) of tenants say a lack of affordable, first-time buyer homes is the most significant problem the facing the UK
- Despite this concern, less than a fifth (17%) of tenants are optimistic that government action can address the UK’s housing crisis
- Completed first-time buyer transactions fall by over 15% on a three-month basis, but those who did manage to buy a first home enjoyed lower deposit and loan costs
The gap between aspiration and reality for aspiring homeowners has grown significantly in the space of three months, according to the latest First-Time Buyer Barometer from Reeds Rains.
As of September, over nine-in-ten renters (93%) wish to own a home. However, when asked when they expect to be able to buy, well below one-in-ten (6%) said that they were expecting to buy in the next 12 months.
This gulf has widened compared to June 2015 when 91% of those currently renting expressed an aspiration to own their home, while 8% claimed they were expecting to buy in the next 12 months.