Question

In some countries, owning a home rather than renting one is very important for people. Why might this be the case? Do you think this is a positive or negative situation?

Model Answer

Buying a home is an important goal for many people in the UK. This ambition is so common that renting a place is often equated to throwing your money down the drain. I believe, however, that there are certain benefits to renting a property, especially when done so through a housing scheme run by the government.

Why is home ownership so popular in the UK? One reason is that it has been aggressively promoted by successive governments. Politicians have frequently made the case that homeowners are more responsible citizens. The rationale is that if you have a large proportion of your wealth invested in a neighbourhood then you are more likely to do things such as report crime and participate in the local community.

Unfortunately, the importance given to home ownership has had many negative consequences. The most obvious of these is that there is little provision for people who are unable to get on the housing ladder. Whereas once the government provided cheap, rented accommodation for those on lower incomes, much of this housing stock is now in the hands of private landlords. These landlords can fix the market rate for properties, leaving many people stuck in a poverty trap. I think the government should reduce the stigma associated with rented accommodation by instigating a change in policy and building more social housing.

In conclusion, I think the UK should move away from a housing model centred on home ownership and move towards a balanced model which includes investment in social housing. This would help lift many people out of poverty and be beneficial to society.

(267 words)