Although the overwhelming majority of people want to own their own home, there has been a marked decline in the short-term desire for home-ownership among people under 25.

This is revealed in research published in the latest issue of the Council of Mortgage Lenders’ quarterly journal Housing Finance.

The CML annual market research survey shows that 72% of those surveyed would like to be owners in two years time and 81% in ten years time.

However, there has been a marked decline in the short-term desire for home-ownership among people under 25. Only 37% of this group want to own in two years time, although 76% want to own in ten years time.

In contrast, among those aged between 25 and 34, 76% wanted to own within two years time and 87% wanted to own in ten years time.

These figures suggest young people anticipate delaying entry into home-ownership until they are at least in their mid-30s. Reasons for this are likely to include lifestyle choices or a short-term preference for the flexibility and mobility of renting, though affordability constraints have become an increasing problem particularly since 2000.

The CML is looking at ways that the 11% of households who want to own but do not currently do so might be able to access home-ownership on a sustainable basis through low cost home-ownership or flexible tenure initiatives.

In terms of the perceived risks of owning, the greatest concerns were about keeping up mortgage repayments when ill or unemployed - 40% of respondents mentioned this altogether. These risks are insurable, but two-thirds of those who mentioned this risk did not have cover, which highlights the need to improve awareness around risk and safety nets.

The Council of Mortgage Lenders' members are banks, building societies and other lenders who together undertake around 98% of all residential mortgage lending in the UK. There are around eleven and a half million mortgages in the UK, with loans worth around £750 billion.