First-time buyers delaying purchases by two years due… – Estate Agent Today

Menu
Agents and other property professionals have, perhaps unsurprisingly, reacted positively to rumours of a Stamp…
The Government yesterday unveiled its long-awaited package of energy bill support for businesses. It will help…
An Estate Agent Today reader poll has revealed opposition to climate risks being outlined to…
The 1980s may be most fondly remembered for bad hairdos and questionable fashion, but it…
Chain management tool, ViewMyChain has been integrated with agency software provider Reapit. The integration means Reapit…
First-time buyers are set to wait up to two years longer to get on the property ladder due to the cost of living crisis, research claims.
A survey of 2,000 prospective first-time buyers by challenger banking brand Aldermore has revealed that many are struggling to secure a mortgage as rising bills erode their finances.
Seven out of 10 (72%) respondents said their attempts to purchase a property have been hit by cost of living concerns.
This has delayed a third from buying a property and realising their homebuying dreams, with delays of 20 months on average.
On average, prospective first-time buyers plan to save £43,500 for a deposit, according to the research
First-time buyers in London and the South East expect to save the most at £52,777 and £54,570 respectively, with Yorkshire buyers expected to save nearly half of that (£27,379) on average.
That has become more challenging for almost two-thirds of first-time buyer hopefuls who said they have had to scale back their regular savings, likely increasing the time it takes to get on the property ladder, while one in five have opted to look for a cheaper home.
Jon Cooper, head of mortgage distribution at Aldermore, said: “While saving in this current economic climate may feel like a long and arduous journey, we’ve found that the majority of determined first-time buyers think the difficulties are ultimately worth it in order to get on the property ladder.
“It’s important that prospective buyers are aware of the support available to them. Would-be buyers should consider seeking advice from a broker who can lend a helping hand and guide you through the process of becoming a homeowner.”
Be the first to comment (please use the comment box below)
Please
login to comment
Please confirm you wish to report this comment as abuse.
We value your safety and feedback. A moderator will review your report.
Would you like to subscribe to future comments?
The right investment can help agents to thrive even during the…
Agents have shown their support for helping junior staff with the…
Agents are preparing their businesses for the cost of living crunch,…
Despite a backdrop of the Ukraine crisis, soaring fuel bills, rising…
After two years of extraordinary activity in the housing market there…
The current period of national solidarity over the death of Queen…
Time is up for Boris Johnson's tenure as Prime Minister and…
Choosing the right technology platform for your agency is hard. Getting…
HM Revenue & Customs (HMRC) recently published a list of firms…
The check-out report is a critical point in the tenancy and…
As uncertainty continues to prevail across the industry, aided by a…
Two senior estate agency figures have given their views on the…
As inflation passes the 10% mark, it’s no surprise that many…
As the summer draws to a close, and we begin to…
Keller Williams’ (KW) Warwick Market Centre has closed, prompting a blame…
A property developer has hit out at corporate agents for “artificially…
The latest housing minister has been revealed as the prospect of…
Who are you and what does it say on…
Who are you and what does it say on…
Who are you and what does it say on…
In order to progress your enquiry we need to know which method(s) of contact you would like to be used – email only, or email and phone. Please enter the details you would like to be contacted on regarding your enquiry and then submit your enquiry.
By submitting your enquiry you agree to the contact details entered in this form being used to contact you regarding your enquiry and that you have read and accepted our Terms and Conditions. Please see our Privacy Policy for information regarding the processing of your data.
Do you want to save this article to read later?

source

Join The Discussion

Compare listings

Compare