"It’s about having a home to call your own, putting down roots, engaging with a community, and creating stability and security for ourselves and our loved ones."
- Adam Day - eXp UK
As part of its latest research, eXp UK surveyed 1,094 UK homeowners to find out how they feel about cooling house prices and the impact they have on the market value of their homes.
The survey reveals that, before buying their home, 89% of current homeowners believed it was important to get their foot on the housing ladder.
When asked why getting a foot on the ladder was so important, 51% said it was simply about being able to own a home of their own, free from landlords and rental market restrictions.
16% say they wanted to own in order to set the foundations for building a family, and just 12% say that making an investment to generate profit when later selling was their main drive for buying.
In reference to the current housing market, homeowners were asked whether they believe cooling house prices, and the subsequent return to normal levels following the extraordinary pandemic boom, are a good thing. In response, 83% say yes.
When asked whether they are worried that current cooling market conditions could snowball into a house price crash, only 27% report having any sort of concern, while 49% say they feel indifferent about the matter.
Despite today’s cooling prices, homeowners have faith in the long-term health of the UK market, with 86% saying they remain confident that when they come to sell their home, they will receive more money than they paid for it.
But even if their resale does achieve less money, owners remain, by and large, unconcerned.
86% of homeowners say that they will have no regrets if their home eventually sells for less money than they paid for it; and 72% say that, even if they had known before buying that they would lose money when reselling, it would not have prevented them from making the purchase.
Head of eXp UK, Adam Day, commented: “There is endless rhetoric about house prices and the potential of a housing market crash jeopardising the bricks and mortar investment of the nation’s homeowners.
"But what all of that fails to consider is that, for the vast majority of people, aspirations of homeownership have little to do with the return made. It’s about having a home to call your own, putting down roots, engaging with a community, and creating stability and security for ourselves and our loved ones.
"But for those who do consider profitability a priority when buying, we only have to look at long-term house price trends to see that the UK market, through good times and bad, is resilient and highly coveted. Prices may dip from time to time, but over time, the line always goes up.”