Since the General Election last year the property market has been the busiest it has been since the referendum in 2016, with the media reporting a rise in property prices. However ING International has recently published a survey which has caught the media’s attention which shows that actually, the majority of Brits have been prioritizing their savings for other things over buying a property…..the ‘other things’ being Travelling, paying off Education Debt, deposits for Renting.
- Go Travelling
- Save to Buy
- To Rent
Buying a Home has always been a typically British aspiration and so it is not surprising that given the renewed rise in property prices that the UK’s younger generations could be turning to the cheaper option of renting a home and spending their money on other things.
The ING International Survey Results
- 59% of Brits feel the housing market is on the wrong track
- 39% of renter’s don’t expect to be able to buy
- 79% agree that it is more difficult to get on the property ladder
- 71% agree that it is better to own than to rent from a financial perspective
- 54% of people say traveling is more important
- 38% of people say that saving for a new home is their top priority
Could the UK’s departure from the EU, now being a foregone conclusion, give FTB’s a renewed focus on homeownership? Something we have not seen in quite a few years.