Owning a home could have many benefits. Security is important for many people especially if they have a family, and being able to modify a property is also a positive aspect of home ownership for many people. Being able to knock down a wall or build an extension is something that people who own a property can consider. People that rent will be stuck with whatever their landlord wants to do, and they may not even be able to re-decorate if their landlord doesn't want them too. Driveways are commonly re-laid and this type of renovation work can give a property a brand new look. Block paving could also change the dynamics of a garden and is easier to maintain than a front or back lawn. People with fixed mortgage rates may be able to afford these renovations easier because they can assess their monthly outgoings in the long term.
People like stability especially when it comes to bills because it's easier to make a budget. The recent financial crisis has led to interest rates becoming unstable and no-one can really predict which way the world economy is going to go just yet. Living with this type of uncertainty isn't helpful for homeowners who are likely to have other financial commitments such as car payments or school fees for their children. Many people keep an eye on what lenders are doing so they can take advantage if any favourable deals come along that could help them stabilise their financial situation.