Homeowners feel mortgage burden

Nearly half of Britain's homeowners would rather be mortgage free than own a mansion in the country, according to a new survey.

The research by Woolwich bank shows that while 15% of the 1300 homeowners surveyed aspire to own a five-bedroom detached house and 16% dream of a mansion in the country, 46% would rather be without the burden of a mortgage.

There were further indications last week that the average UK mortagage debt per household is increasing. The British Bankers' Association said that the value of mortgages approved had reached record levels, and that the average loan taken out was ?88,000, 14% higher than a year ago.

The Woolwich survey also showed that nearly half of those interviewed saw area as the biggest indicator that they had progressed up the property ladder, a factor which was considered as almost twice as important as the size and value of a house.

The research found that on average those who see themselves as being at the top of the property ladder said it took nearly 18 years to get there, while one in five of them got there within ten years of getting a foot on the first rung.

The problem for many, especially those in their twenties and thirties, still remains the ability to get on the ladder at all. Recent research by Birmingham Midshires found that one in four twentysomethings is worried about not being able to afford a home following the recent surge in property prices. Halifax said today that the average house price in the UK had risen to ?111,968.