For generations, property ownership has carried a raft of positive connotations: seen as a marker of adulthood, financial stability and success, not investing in property would have been unthinkable 50 years ago. But, in the global recessions and lifestyle changes that the last 10 years have seen, is becoming a homeowner still the golden ticket it once was, or are we embracing the freedoms that come with the lack of responsibility?

New research covering homeowners, renters and those still in the nest, to chart our changing attitudes towards property investment. From identifying the UK’s property hotspots, to some surprising changes in later life property ownership, the statistics showcase just how much our relationship with our homes has changed.

Almost 1 in 4 Brits aren’t keen on climbing the property ladder

Whether they’ve already made the leap or not, a huge 23% of the UK population don’t want to continue buying into property. To put that in perspective, just 24% of those surveyed cited that finances were keeping them from investing – usually the most likely reasoning on falling UK property ownership amongst younger generations.

Instead, older generation are leading the charge when it comes to buyer’s remorse. Almost 1 in 10 of both Millennials and Generation X claimed that they owned their own home, but felt significantly tied down or negative about the experience, with indications that they wished that money had been invested elsewhere. Men were also twice as likely to experience these negative emotions around home ownership than women.

Elsewhere, there was a significant raise in older generations jumping off the property ladder in later life. More than 1 in 10 Baby Boomers surveyed reported having sold up and moved on, with no wish to ever buy again as they enjoyed the improved flexibility and freedom. Millennials also lived up to their nickname of ‘Generation Boomerang’, with 15% of all surveyed claiming they still lived at home with their parents, significantly impacting home ownership stats in this group.

Home ownership more attractive to younger generations

While the shift in attitudes is large, it’s not all bad news for the property market. Particularly among younger generations, home ownership has regained its status, with 46% of Gen Z indicating that they are either saving towards, planning for or actively frustrated by their inability to purchase their own property. 25% also claimed to have purchased property, while only 7% registered lower general satisfaction because of this – indeed, 11% said they were entirely content and recorded a large boost in life satisfaction.

While the younger generations seem pro-active in their ambitions to buy property, finances were still the biggest reason for not investing amongst Millennials and Generation X, with 32% of the former and 28% of the latter claiming it was the only, or main, reason for their not already owning a property. Overall, 76% of all Brits recorded mainly positive feelings towards the experience or idea of home ownership, with a crucial rise in satisfaction among younger generations, suggesting that the property market will weather the current fluctuations in modern life goals.

Glasgow a hotspot for home ownership

The survey also identified the main hotspots for home ownership in the UK, with 59% of those surveyed in the Scottish city owning their own bricks and mortar. Glasgow were also the most positive city as a whole about home ownership, with a whopping 54% also claiming to be content and recording improved life satisfaction following their purchase, making them the most property-positive location in the UK.

Hot on their heels were Edinburgh, with 69% claiming to own property and Brighton, with 56% claiming to own a property. Brighton also reported high levels of satisfaction, with 50% reporting highly positive experiences of property investment, while Edinburgh were more lukewarm, with 17% of homeowners regretting their decision or feeling tied down by their property.

Other notable property trends by city included:

·         Nottingham was the UK’s hotspot for second homes or rental properties, with almost 1 in 10 claiming to own a property they didn’t live in.

·         Edinburgh most likely to regret property investment, with 17% of homeowners surveyed reporting they reviewed their home ownership in a negative light

·         Leeds were the most likely to eschew home ownership altogether with over 1 in 10 claiming they didn’t want to be tied down by a property purchase.

·         A third of those surveyed from Sheffield wanted to get on the property ladder, but finances stopped them from doing so, while only 24% of Londoners reported the same.

·         18% of those surveyed in Cardiff reported living at home, as opposed to just 15% of Londoners.

·         Edinburgh natives were the most independent in the UK, with only 4% claiming to still live in the parental home.

For a full overview on the study of the UK’s attitudes to home ownership and wider themes of commitment, please visit https://techtalk.currys.co.uk/gadgets/mobile-phones/no-strings-attached-are-we-a-nation-of-devotees-or-commitment-phobes/.