A third of people in Europe report their life choices have been affected by conditions in the housing market where they live – as the ING International Survey – Homes and Mortgages 2016 reveals.
Although a large share say they are happy with their housing situation, a proportion feel unable to move to a better opportunity in a different location, or have been forced to delay important decisions – such as shifting out of the parental home or whether to tie the knot with a romantic partner. This eZonomics article has more detail about the life decisions being delayed.
Many people indicate they have been forced to compromise on their choice of property. Location, energy efficiency features, and distance from necessary facilities and services are among their compromises – with a high proportion remaining unhappy with the condition or size of the house they have chosen.
This year’s results tally with previous ING International Surveys on homes and mortgages in 2015, 2014, 2013 and 2012. The ING International Survey – Homes and Mortgages 2016 polled nearly 15,000 respondents across 15 countries, including the USA and Australia. Download the full report.
Stuck in a rut 2
33% of Europeans say life decisions have been hit by the housing market. Some cannot change jobs; some are delaying children, retiring or moving out.
46% in Europe compromised when choosing their current home. Some are settling for small houses in poor condition or worse areas.
Working harder 4
22% of people in Europe planning to buy a house are working extra jobs; another 22% work more hours, with 21% not going on holidays.
“I’d like to move”5
More than half (51%) of people in Europe agree they would move to a different house if they could. The share rises to 60% among 25-34 year olds.
Viva la España6
69% of Europeans are happy with their housing situation. The proportion of the unhappy is highest in the United Kingdom (12%) and lowest in Spain (5%).
Is owning better?7
Home owners are often happier with their housing situation; 77% of home owners across Europe self-assess as happy, versus 57% of non-owners.
What goes up8
56% of people in Europe expect house prices to go on rising. In Belgium, 65% expect prices to rise in the next year - up 10 percentage points from 2015.
Paying the price
60% of Europeans say houses where they live are expensive. Czechs are the least likely to agree – and the most likely to say homes are correctly priced.
This article is related to the ING International Survey:
Homes and Mortgages 2016
September 1, 2016
ING’s fifth annual survey on homes and mortgages asked people across Europe, the United States and Australia for their views on housing affordability, how people meet their housing needs and how happy they are with...