A three year housing slump has not dampened the long term home-owning aspirations of buyers across the UK, according to new research.
AA Home Emergency Response service has revealed that buyers who purchased their first home after 2008 aspire to move up the ladder, with 37 per cent saying that they feel their aspirations of owning a detached home are realistic. Comparative figures from the 1970s show that 39 per cent had this aspiration, while the figure fell to 33 per cent in the 80s and by a further 1 per cent (32 per cent) in the 90s.
Despite talks of a mansion tax, buyers have not been persuaded that aspiring to own a very large home is unreasonable. Around 3 per cent of those purchasing their first home since 2008 were expecting to own a home with six or more bedrooms. This figure has increased three-fold from those purchasing their first home in the 80s.
Head of AA Home Emergency Response, Tom Stringer, said: “This research has revealed that the troubles in the housing market over the last three years have not dented the aspirations of recent first-time buyers. In fact, new entrants to the market are more positive about their long-term prospects than those entering in the last 30 years – something which could bode well for recovery in the market.”
It would appear that buyers now have bigger aspirations for home ownership. In the 80s 24 per cent of buyers believed that their home ownership would be limited to a terraced property, this figure has since dropped to 15 per cent.