The HomeOwner Survey 2018 - Issue, trends and how we feel about our homes

12 Housing Ladder Broken at Every Step The UK’s housing market is broken at every level with everyone from first timer buyers, second- steppers to downsizers struggling. Millions of UK adults are failing to realise their dream of homeownership or are stuck in houses that are unsuitable for their needs as a result of affordability issues and lack of properties. Almost three in four non-homeowners (74%), want to own their home but cannot afford to do so; equating to 7.5 million aspiring homeowner s 1 .  The main reasons cited for not being able to buy their first home include: property prices are too high (66%), difficulty saving for a deposit (58%) and difficulty getting a new mortgage (31%). Affordability is also the biggest barrier for second steppers. Nearly a quarter (23%) of second-steppers (homeowners age 18-54) considered a move in the past two years but did not do so; equating to 1.2 million homeowner s 2 .  The biggest reason for considering a move but not moving among homeowners age 18-54 are house prices/ being able to afford to move (58%).  Of the 1.2 million homeowners age 18-54 (second-steppers), who have considered a move in the last two years but did not do so, 50% were moving to find a bigger property, suggesting these homeowners may be in homes too small for their needs .  Worryingly, considering how little they are considered in the Stamp Duty debate, second- steppers (homeowners age 18-54) are more likely than others to say stamp duty is a barrier (24%) . This means Stamp Duty is a bigger concern for second-steppers than for any other segment of the market. For last time buyers, one in five (20%) homeowners aged 55 or over considered a move in the past two years but have not done so; with lack of suitable housing (46%) the main barrier for not following through with their plans; equating to 1 million homeowner s 3 .  In terms of property needs for last-time buyers, the property characteristics that are relatively more important for homeowners age 55+ than for second-steppers and aspiring first-time buyers include: a garden/ outside space (80%), a property in good condition/ no major improvements needed (79%), parking (76%), low running costs/ maintenance (74%), good transport links (61%), proximity to friends/ family (47%), proximity to shops/ restaurants (40%) and living on one level (38%).