The dream of buying property

Posted: 20 Aug 2009 10:06:59 GMT

People's attachment to property in the UK is still strong despite the current economic crisis raising awareness of the risks involved in buying a home.

A new survey from insurance, investment and pension group LV= found that 14 million British adults think that never owning their home is too terrible thought to consider.

Some 39 per cent indicated that the prospect of never having their own property would make them miserable.

Another finding was that 51 per cent of homeowners would take on a second form of employment to keep hold of their property.

Chris McFarlane, head of protection at LV=, said: "The financial turmoil of the last year has done nothing to dampen our national obsession with homeownership."

He added that it is "fascinating to note" the lengths people would go to ensure they did not lose their property.

Earlier this month, the Council of Mortgage Lenders revealed that more mortgage lending occurred in June, compared to May. It also suggested that the home loan market was stable, but not yet at a normal level.


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