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Consumer Attitudes towards Property Ownership - UK - May 2017

“Property continues to be an obsession for much of the population, with people both emotionally and financially invested in their homes. However, property ownership is becoming a distant dream for hopeful buyers, as rising prices and a shortage of available homes make it difficult for people to access the housing market. Despite this, Millennials remain optimistic about owning property in the future.”
– Jessica Galletley, Financial Services Analyst

This report examines the following:

  • Millennials optimistic about property ownership
  • The digitisation of the property marketplace
  • Mortgage holders more engaged with the value of their home

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Table of contents

  1. Overview

    • What you need to know
      • Report scope
      • Executive Summary

          • The market
            • Ownership continues to decline
              • Figure 1: Trends in tenure, 1980-2015/16
            • Average age of FTBs is 32
              • Figure 2: Average age of first-time buyers in the UK, 2003/04-2015/16
            • Average house prices at record level
              • Figure 3: House price growth, January 2006-July 2016
            • Rental prices rising
              • Figure 4: Index of private housing rental prices in Great Britain, January 2011-February 2017
            • Fixing the broken housing market
              • The consumer
                • ‘My house is my future’ represents biggest target group
                  • Figure 5: Target groups based on attitudes towards property ownership, February 2017
                • Home-buying market driven by FTBs
                  • Figure 6: Intentions to purchase a property within the next three years, February 2017
                • Two in five look for information on their local housing market
                  • Figure 7: Engagement with various aspects of the housing market, February 2017
                • Three quarters rely on online sources
                  • Figure 8: Source of information when looking for information on property and housing, February 2017
                • Majority are happy with their living situation…
                  • Figure 9: Satisfaction with housing situation and other lifestyle factors, February 2017
                • Is the process of buying/selling stagnating the market?
                  • Figure 10: Attitudes towards the housing market, February 2017
                • What we think
                • Issues and Insights

                  • Millennials optimistic about property ownership
                    • The facts
                      • The implications
                        • The digitisation of the property marketplace
                          • The facts
                            • The implications
                              • Mortgage holders more engaged with the value of their home
                                • The facts
                                  • The implications
                                  • The Market – What You Need to Know

                                    • Is property ownership falling out of favour?
                                      • Average age of FTBs is 32
                                        • Residential property sales have recovered over the last few years
                                          • Fixing the broken housing market
                                          • Housing Demographics

                                            • Proportion of owner-occupiers drops as renters increase
                                              • Figure 11: Trends in tenure, 1980-2015/16
                                            • Three out of five over-55s own their home
                                              • Figure 12: Housing situation, by age, February 2017
                                            • Average age of FTBs is 32
                                              • Figure 13: Average age of first-time buyers in the UK, 2003/04-2015/16
                                            • Home ownership offers more stability
                                                • Figure 14: Housing situation, by length of time in current property, February 2017
                                              • Household sizes are falling
                                                • Figure 15: Household size, February 2017
                                            • Market Environment for Property Ownership

                                              • Residential property sales have recovered over the last few years
                                                • Figure 16: Residential property sales, quarterly 12-month rolling, Q1 2000-Q3 2016
                                              • Average house prices at record level
                                                • Figure 17: House price growth, January 2006-July 2016
                                              • Low interest rates incentivising people to buy now
                                                • Figure 18: Secured lending interest rates, January 2012-February 2017
                                              • Rental prices rising
                                                • Figure 19: Index of private housing rental prices in Great Britain, January 2011-February 2017
                                            • Regulatory and Legislative Context

                                              • Fixing the broken housing market
                                                • Plan for the right homes in the right places
                                                  • Build homes faster
                                                    • Diversify the housing market
                                                      • Help people now
                                                        • Tax relief changes dampen BTL popularity
                                                          • Support for FTBs
                                                            • Help to Buy Equity Loan scheme
                                                              • Right to Buy/Right to Acquire
                                                                • Shared Ownership
                                                                  • Starter Homes Scheme
                                                                    • Lifetime ISA
                                                                    • The Consumer – What You Need to Know

                                                                      • People have a strong emotional connection to their home
                                                                        • One in five plan to buy in the next three years
                                                                          • Digitisation of the property marketplace
                                                                            • Majority are happy with their housing situation
                                                                              • People feel negative about accessing the housing market
                                                                              • Attitudes towards Property Ownership

                                                                                • Half think owning a home should be a financial priority
                                                                                  • People have a strong emotional connection to their home…
                                                                                    • Figure 20: Attitudes towards property ownership, February 2017
                                                                                  • …but there’s a lack of engagement with its value
                                                                                    • Idealistic view of using property equity for retirement
                                                                                        • Figure 21: Attitudes towards property ownership, by housing situation, February 2017
                                                                                      • People see the benefits to renting…
                                                                                        • …but these decrease with time
                                                                                            • Figure 22: People who are happy with their housing situation, by length of time in current property, February 2017
                                                                                        • Attitudes towards Property Ownership – Attitudinal Groups

                                                                                          • ‘My house is my future’ represents biggest target group
                                                                                            • Figure 23: Target groups based on attitudes towards property ownership, February 2017
                                                                                          • My house is my future
                                                                                              • Figure 24: Attitudes towards property ownership, by target groups based on attitudes towards property ownership, February 2017
                                                                                            • My house is my heart
                                                                                              • My house is my shelter
                                                                                                  • Figure 25: Housing situation, by target groups based on attitudes towards property ownership, February 2017
                                                                                              • Property Purchasing Plans

                                                                                                • One in five plan to buy in the next three years
                                                                                                  • Figure 26: Intentions to purchase a property within the next three years, February 2017
                                                                                                • Market driven by FTBs
                                                                                                  • Figure 27: Intentions to purchase a property within the next three years, February 2017
                                                                                                • 25-34-year-olds most likely looking to buy
                                                                                                  • Figure 28: Intentions to purchase a property within the next three years, by age, February 2017
                                                                                              • Interest in the Housing Market

                                                                                                • Two in five look for information on their local housing market
                                                                                                    • Figure 29: Engagement with various aspects of the housing market, February 2017
                                                                                                  • Inertia means lack of engagement with mortgage products/rates
                                                                                                    • Mortgage holders are most engaged
                                                                                                      • Figure 30: Engagement with various aspects of the housing market, ‘Once a year or more’, February 2017
                                                                                                    • ‘My house is my future’ group are more engaged
                                                                                                        • Figure 31: Engagement with various aspects of the housing market, by target groups based on attitudes towards property ownership, February 2017
                                                                                                    • Sources of Information

                                                                                                      • Three quarters rely on online sources
                                                                                                          • Figure 32: Source of information when looking for information on property and housing, February 2017
                                                                                                        • Short tenancies drive engagement among renters
                                                                                                          • Figure 33: Source of information when looking for information on property and housing, by housing situation, February 2017
                                                                                                        • Digitisation of the property marketplace
                                                                                                          • But, how much of this is just being nosey?
                                                                                                            • Figure 34: Source of information when looking for information on property and housing, by intentions to purchase, February 2017
                                                                                                          • Older consumers prefer more traditional sources
                                                                                                            • Figure 35: Source of information when looking for information on property and housing, by age, February 2017
                                                                                                          • 25-34-year-olds reliant on a range of sources
                                                                                                            • Figure 36: Number of sources used to look for property and housing information in the last 3 years, February 2017
                                                                                                        • Satisfaction with Housing Situation

                                                                                                          • Majority are happy with their living situation
                                                                                                            • Figure 37: Satisfaction with housing situation and other lifestyle factors, February 2017
                                                                                                          • Homeowners are most satisfied…
                                                                                                            • …whilst private renters are the least happy
                                                                                                              • Local Authority renters buck the trend
                                                                                                                  • Figure 38: Satisfaction with housing situation and other lifestyle factors, by housing situation, February 2017
                                                                                                              • Attitudes towards the Housing Market

                                                                                                                • People feel negative towards the housing market
                                                                                                                  • People want more help
                                                                                                                    • Figure 39: Attitudes towards the housing market, February 2017
                                                                                                                  • Is the process of buying/selling stagnating the market?
                                                                                                                    • Young people have grand designs for property ownership
                                                                                                                      • Figure 40: Attitudes towards the housing market, by age, February 2017
                                                                                                                    • Younger consumers see the benefits in owning multiple properties
                                                                                                                    • Appendix – Data Sources, Abbreviations and Supporting Information

                                                                                                                        • Abbreviations
                                                                                                                          • Consumer research methodology

                                                                                                                          Companies Covered

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                                                                                                                          Consumer Attitudes towards Property Ownership - UK - May 2017

                                                                                                                          US $2,914.30 (Excl.Tax)