Global attitudes to housing and house prices

The Ipsos Housing Monitor is a new 30-country study looking at how people perceive their own and their country’s housing situation, and the challenges facing both.

The author(s)
  • Jamie Stinson Ipsos Knowledge Centre
  • Emilie Rochester Ipsos Knowledge Center
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Key findings of the first Ipsos Housing Monitor include:

  • Renters less happy with their housing situation. 47% of renters say they are happy with their current housing situation compared to 69% of homeowners. While in all markets, owners are happier than renters, in countries with stronger rights for tenants, the gap in satisfaction is smaller.
  • People feel it is harder to buy a home now than previously. 70% of under 35s say it is harder for people their age to buy or rent a home to settle down in than it was for their parents' generation. However, older age groups are almost as likely to say the same thing (64% for 50–74-year-olds).
  • However, people do not feel rising house prices are a good thing. Only 19% say they think rising house prices are a good thing for them personally, while 57% disagree with this statement. Even among those who own their property outright this only rises to 23%.
  • People think their country’s housing is on wrong track. Across 30 countries 52% think their country’s housing is on the wrong track, while 28% are happy with how things are going. There are big differences by country and region, with people in Asia generally more positive, while Europeans are more likely to say housing is on the wrong track.
  • Apartment vs house? Countries matter. Culture plays a strong role in shaping people’s idea of the ideal home. In Asia and LATAM, people are more likely to want a detached house in the city, while in many western countries, people want a rural house. However, in Italy, Spain, South Korea and Singapore people prefer apartment living.
  • Good value and good location make a good property. On average people feel value for money (47%) and a good location (45%) are the most important characteristics a property can have. A low local crime rate (33%), access to public transport (29%) and good local infrastructure (25%) are also seen as important.

 

 

Attitudes to the housing market 

Across 30 countries, a majority (61%) are happy with their current housing situation. However, there are signs that, on a broader level, all is not well. 

A majority in all but three countries surveyed agree that not enough attention is given to the issue of housing in their country. 

One in two people (52%) say their country is on the wrong track when it comes to housing; fewer than three in ten (28%) say things are moving in the right direction. This pessimism reaches a peak in the Netherlands (77% say things are moving in the wrong direction), with Spain (76%), and South Korea (70%) not far behind. 

We see this pessimistic outlook combined with a lack of faith in what the government is doing to make things better, particularly in Europe. The Netherlands and Hungary lead a cohort of European countries who feel their government could be doing more to fix their housing problems, with 69% and 63% respectively expressing this sentiment. 

Despite all this, there are pockets of positivity. On the whole, Asian countries see things moving in the right direction. A majority think housing is on the right track in Singapore (66%), Thailand (64%), Malaysia (56%), and India (55%).

Renting vs homeownership

How important is it to own your own home? 

Almost three-quarters of people (73%) say it’s an aspiration for most people in their country; 60% say it’s hard to feel secure in life without this. 

We see some evidence that ownership does in fact provide some security, with renters seemingly facing a tougher housing situation than homeowners. 
Seven in ten homeowners (69%, both those paying a mortgage and those who own their home outright) say they’re happy with their housing situation compared with just one in two renters (47%). 

Homeowners are also much less concerned about housing costs, both now and in the near future. Just over a third of those on a mortgage (37%) say they’re worried about their current ability to pay mortgage repayments compared with one in two renters (49%). 

Although seven in ten renters (71%) say they’d like to be able to own their own home, over half (56%) – and a majority in 21 of 29 countries surveyed - don’t believe they’ll ever be able to afford one. This reaches a peak in Germany (70%), Australia (69%) and Japan (68%). 

A majority (59% on average) in all but four countries (Poland, 49%; Italy, 47%; France, 43%; and Japan, 15%) agree that it’s too easy for landlords to take advantage of tenants. This view is more commonly held among renters than homeowners (66% agree vs 57%).

Perceptions: past, present and future

Majorities in all but one country surveyed agree that young people today will experience difficulties getting the housing they need. 

Seven in ten (71%) across 30 countries agree that even if today's young people work hard and get good jobs, they will have a hard time getting the right kind of housing. 

But is housing for young people worse than it was 20 or so years ago? Young people think so. Seven in ten under 35s (70%) say it’s harder for people their age to buy or rent a home to settle down in that it was for their parents' generation. 

However, older people are almost as likely to say the same about their own parents’ generation (68% of 35–49- year-olds and 64% of 50-74-year-olds agree). 

Majorities in 28 of 30 countries surveyed think house prices have risen over the last 12 months. By and large, they are correct; 26 countries have seen average house prices in their country rise. The most ‘out of touch’ are Germany (69% think house prices have risen but in fact they are down 2.6%) and France (58% think house prices have risen but they have fallen 5%). 

Looking to the future, the public are not optimistic that things will improve any time soon. Sixty-seven per cent say they expect house prices to be higher 12 months from now; 71% say the same about the cost of renting. 

For most, rising prices have few silver linings. Six in ten disagree that rising property prices are good thing for them personally (57%), or good for their country (60%). 

Four in ten (37%, rising to 57% in Türkiye) are already concerned about their ability to pay the rent/their mortgage. They see little sign that things will abate in the near future; a similar proportion (39%, rising to 58% in Türkiye) have the same concerns for 12 months’ time.

The author(s)
  • Jamie Stinson Ipsos Knowledge Centre
  • Emilie Rochester Ipsos Knowledge Center

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