A research survey conducted recently by the Chartered Institute of Housing (CIH) on 2,028 young people has found property possession ambitions are low. Fewer young people now aspire to own their own home than before the recession.
Sarah Webb, CIH chief executive said: ?A generation has grown up believing it has to own at any cost ? in part because we have not provided them with decent information about the alternatives.?
In the past, this survey has established that people?s ambition is to own their own property. Overall, this year?s survey found this also, as approximately 70 per cent of those asked said buying a home was a solid investment for the future.
However, in the age range 25 to 34, the percentage of people who said owning their own property as home was preferable dropped. Last year, 83 per cent of those surveyed wanted to invest in homeownership, whereas only 69 per cent said so this year.
The survey asked a wide range of people, including those already owning property and homes, tenants, and those living in social housing. The reason for hesitancy among the younger people centred on negative equity concerns.
Elsewhere in the property market, though, there appeared to be good news following a report carried out by the Royal Institution of Chartered Surveyors (RICS). The findings showed the difference between asking and selling prices had reduced to an average of 11 per cent across the UK housing market.
Brigid O?Leary, RICS chief economist said: ?The improvement in sentiment? is reflected in a narrowing in the gap between asking and selling prices.?
