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How important is home ownership to you?

Quote From Natassia:

I am 23 and basically single; I am a year into my PhD which doesn't have any funding attached. So I still have to live with my parents at the moment and can see this being the unhappy case until I finish my PhD unless a minor miracle happens. So being able to rent somewhere is my dream at the moment; then after my PhD if and when I get a job paying off any other existing debts will be the priority rather than having a mortgage. So I think I'll be renting until I'm about 35, realistically speaking, although if I get married or whatever buying somewhere might be a bit easier. To be honest I haven't thought an awful lot about it, renting somewhere seems ambitious enough at the moment. The other thing is that I live in London which is a comparatively expensive area and I wouldn't really want to move away from the city; most people who I know who live more centrally than me (including those in their 30s and early 40s), are still renting; it seems to be the more popular choice in London.

Again really interesting....having a partner and money both come into it as I said to Keenbean, but you've raised a point about area and being a Dphil student! That's just made me think....do you think there should be more opportunities for people in post-graduate study to have access to housing, be that renting (at a subsidised rate), or the move to purchasing/shared ownership through said university? Especially for people in your position...

How important is home ownership to you?

Quote From keenbean:

Hey Chatzby- are you conducting a research study into this or just interested?

Personally- I am aiming to be a home owner, but it certainly isn't going to happen in the next few years. Most people on here are researchers, and many of us are on a PhD stipend, or on short-term research contracts, which isn't enough to secure a mortgage. The only people I know doing a full-time PhD at around my age (< 30) who have a mortgage are those with partners with good jobs and a permanent contract (of course there must be others, but I'm talking from personal experience).

I'm just starting a post-doctoral position which initially comes with a one-year contract, although the team will be applying for funding to get it extended (but this is nowhere near guaranteed). My fiance is just applying for teacher training and so we will have only a single income for that year. Then at some point I will be taking a break to start a family (all being well). So whilst I would love to get on the property ladder, it isn't going to happen until we both have a steady income, and that may well take years. I realise that there are a lot of organisations now offering a mortgage with just a 5% deposit, which will help, but even though we could save that up relatively quickly, getting approved for a mortgage is out of reach for us at the moment.

Best, KB

Hi Keenbean,

It's a little bit of both actually. I'm hoping to do an Dphil in economic history next year and this topic has always interested me, we rarely get to study such things however (so I guess this is more sideline research). I think that the psychological security that owning a home use to give people does not exist any more. The changing economic conditions mean that it is now the norm 'not to own a home' but more interesting to me is the norm is also 'not to [WANT TO] own a home' which is what the figures I posted seemed to show.

I was interested to initiate the discussion here as I think as post-grads we are in fact in a better position to make choices about where we live and where we want to live, in the sense that we have more time to decide, we have options to choose different things. An example of this is you saying you have the 'aim' to become a home owner, many friends of mine outside of study have no such aim.

You make some really salient points. The whole having partner and secure job issue is of course of utmost importance and I think people often underestimate how important the former is and overestimate how important the latter is especially in discussions renting/letting vs owning. But what is your opinion on the other options there are out there for people i.e the hybrid renting to buy schemes. Do you think these new schemes are more advantageous to certain groups of people i.e postgrads or do you think it will be possible in the future for everyone to benifit from these new ways of securing property? And are these questions even relevant anymore?

How important is home ownership to you?

Why do you feel that way Mr South?

How important is home ownership to you?

I read a startling article the other day about home ownership and was curious to find out if people think ownership of a home is as important as it was in the past and what are your views on how the housing market may change in the next few years?

According to numerous "professionals" we are looking at new generation of young people who would rather rent instead of buying. In a survey of 8,000 people aged between 20 and 45, only 5% of those described as "Generation Rent" (those with no realistic prospect of getting on the housing ladder) are making spending sacrifices to save towards their first home. The remaining 95% have no spare cash, no interest in saving or are trying but failing to save.

Is getting on the property ladder is important to you then why is this so?

What schemes have you tried/are you trying?

Are you open to new schemes? - if so you may be interested in facebook.com/GetOnThePropertyLadderNow

What are your thoughts?