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 Britons have an "ingrained desire" to own their own homes, but a realistic view of house price expectations, according to a new report on the state of the housing market.
The Building Societies Association (BSA) has found that the core reason for buying a home is the "ingrained British desire" of owning their own property, with 88 per cent of respondents to the survey admitting this was their motivating factor.
Adrian Coles, director general of the BSA, said: "Growth in residential property prices has largely been due to a wide selection of factors including low interest rates, lack of suitable housing stock, a buoyant economy and the ingrained desire in the British psyche to own property."
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He added that, while some commentators have cautioned that the market may be over reliant on consumers' expectations that prices will continue to rise, the report shows that home buyers have a realistic view of the property market and house price expectations have not fuelled a price boom.
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