New data from AA Financial Services recently revealed that the number of British adults who say they want to move from renting to buying their next home has doubled during the course of 2018, up from 24% to 58%.
This research comes at a time when the government is regularly emphasising its commitment to increasing housing supply (the goal is to build 300,000 new homes a year by the mid-2020s) and getting more people on the property ladder, with the recent Budget once again confirming these ambitions.
Chancellor Philip Hammond extended stamp duty relief to first-time buyers of shared ownership homes worth up to £500,000, as well as announcing a £500m cash injection for the Housing Infrastructure Fund to aid the construction of 650,000 new homes.
What’s more, the government’s Help to Buy equity scheme – which has proved divisive since first being introduced in 2013 – was extended for a further two years so it will now finish in April 2023.
And it seems like the demand is very much there. The latest homebuyer research from the AA suggests that, whilst the proportion of Brits planning to move house has remained largely unchanged (at around 12%) over the last year, the percentage of movers that want to switch from renting to buying their next home has soared.