Changing Views on Why People Buy Houses

Interesting twenty-year U.K.-based view of changing rationales in why people buy their first houses. Notice, in particular, how much “houses as investment” has increased as the rationale:

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Comments

  1. sean says:

    Does the fine print say that this is from the United Kingdom?
    Geographical extrapolation may harm one’s health.

  2. I agree, the UK is one thing (probably not even representative of Europe more widely), Canada another. In fact within Canada I would suspect there are huge provincial differences.
    That said the Make my own and Marriage items are interesting. In Canada, normally if you rent you can decorate, as long as you put it back when you leave, in the UK this is much less common.
    Interesting stuff though …

  3. speedlet says:

    Note the huge rise in “it was now or never” — a classic bubble mentality. The fear of missing out on the party.

  4. Yes, as the footnote implies, this is U.K. only. Still interesting enough that I thought it worth posting, even if only for the directional trends.

  5. Shefaly says:

    This is UK data and nobody said ‘I was bored and did not know what to do with my money and time’? Well I may be self-referencing a bit but that was my reason. Why is it that I never get asked these stupid survey questions?
    @ speedlet: And weren’t they right! In the last 5 years, anybody, who had a house in the UK, made much more gain in equity than they would have done any other way.
    Now it is virtually impossible for people to buy a house, if they earn anything south of £100,000. That excludes a vast majority of the British graduate population and many others.
    In London, £100,000 will buy you 20 sq. ft. in some areas. In Scotland, it may still buy you 1000 sq. ft in a remote area but Edinburgh etc, may be 100-150 sq. ft.
    The dynamics of the UK property market are quite different from the rest of the world, as Stewart (above), who moved from the UK to Canada, can describe very reliably!

  6. speedlet says:

    Shefaly:
    “And weren’t they right?”
    We’ll all find out soon enough, won’t we?