Emotional value of home ownership revealed
New research has revealed that property-ladder obsessed Britons are changing their priorities, as a result of the economic downturn.
In a study by insurer Aviva and psychologist Dr Paul Keedwell, 74% of people questioned said they were happy to remain in their current home and 68% admitted to seeing their home as an emotional investment, rather than a money making commodity.
In the event of losing their existing dwelling, 71% of respondents said they would want to buy it back and 16% were prepared to pay more than the market value.
The majority of respondents believed that their abode is first and foremost a place to relax (85%), and over 80% saw their home as a sanctuary where they feel safe and secure.
Meanwhile, the proportion of people who consider themselves to be home “hoppers” has plummeted, from 80% prior to the recession to only 26% today.
According to Dr Keedwell, in monetary terms, the average UK homeowner has an emotional equity of £26,880 in their property, or 12% of value.
Aviva’s research involved questioning 1,000 homeowners.