The latest annual Home Ownership survey by law firm Collyer Bristow has again looked at homeownership attitudes and aspirations among the population in London, which has seen nine consecutive quarters of falling property pricesand the South East of England. 

Despite falling capital values, rents across London remain high, with Rightmove’s Rental Price Tracker reporting a 2.2% quarterly increase in average rents across the capital in Q4 2019. The average monthly rent now stands at £2,104, with further increases expected as rental stock is reported to be down by around 22% compared to a year ago.

Alex O’Connor, partner, commercial real estate at Collyer Bristow, says: “This picture has not dampened buyers’ enthusiasm for home ownership. Our survey reports that home ownership still remains the ultimate goal for most. However, home ownership will now take longer for most of those we surveyed. Twelve months ago, 62% believed they would own their own home within five years; today that has fallen to just 52%.”

Unsurprisingly, home ownership aspirations change with age. Those under the age of 24 broadly believe they will buy their own home within five years, yet that falls away with age. The reality check of the complex housing market and the demands of changing personal situations continue to shape home buying decisions.

Is it still possible to simply save for a deposit?
The survey asked those who had purchased a home how it was funded, and also asked those intending to buy a home in the next five years how they planned to fund that purchase.