First time buyers still struggling to get first home

 

A new study revealed that first time buyers are still struggling to save up enough for a deposit for their first home.

The study said that 22% of first timers in the UK are currently living with their parents and another 26% believe it will take them at least another five years to save up for a house deposit.

https://www.buyassociation.co.uk/2017/03/27/every-third-first-time-buyer-banks-mum-dad/

In addition to that, 10% estimate that they will have to stay with their family for three to four years, the quarterly first time buyer index from Aldermore, a specialist bank, has revealed.

There doesn’t seem to be a lot of hope for this to change anytime soon as 31% strongly agree that buying a home is currently unachievable for them, a feeling that remained steady over time.

Despite Help to Buy schemes, those trying to get onto the property ladder don’t feel like the Government is offering enough support to make this happen. When asked how the Government could be more helpful, 25% said it should address rising house prices and another 10% think that more homes need to be build.

Overall, a total of 91% think it’s difficult to get onto the country’s property ladder, a number which has slightly decreased from 94% during the last quarter. Saving for a deposit remains the first timer’s biggest struggle, with even 35% naming it as the greater obstacle than rising house prices.

The report also revealed that 22% are planning to receive some help from their family in order to put down a deposit.

https://www.buyassociation.co.uk/2017/03/09/buy-london-first-time-buyers/

“First time buyers have a notoriously difficult time getting on the property ladder. Since saving an adequate deposit remains the biggest obstacle, more and more people have had to move back into the family home to boost their savings,” said Charles McDowell, Aldermore’s commercial director for mortgages.

“We know that first time buyers are relying on the new government to provide much needed solutions but following the recent general election, housing policy is likely to be reviewed again under the newly appointed housing minister, meaning it remains more uncertain than ever.”

Highgrove Mews

High Net Yield Freehold Houses

  • Commutable to London (27 mins to central Paddington station)
  • Rental demand extremely strong with large industry presence in Reading
  • Freehold with 4% net yield

£284,955 - £457,000

St Petersgate – Stockport Manchester

New Launch - Stockport Manchester, apartments from £160,000

  • Discounted launch prices from £160,000
  • Excellent transport links with 3 trains per hour to London Euston and only 9 mins journey to Manchester Piccadilly
  • Experienced development team

Assured Rent Housing Association Leases

Assured Rent Housing Association Leases

  • Assured rent & no rental voids
  • Tenant damage cover & newly refurbished inline with requirements of a corporate sitting tenant
  • Free property and lettings management

From £62,000

Emerging Birmingham Commuter Town With Properties From Just £104,000

The emerging Birmingham commuter town where properties are selling in an average of just 24 days

  • A collection of 62 two bedroom apartments and 28 one bedroom apartments.
  • DE14 is one of the fastest selling postcodes in the West Midlands.
  • 23 minute train journey into Birmingham New Street Station.

Properties from £104,000

Mill, Stockport

The Northwest's emerging property hotspot

  • Discounted off-plan 2-bed prices from £162,000
  • Completion date - Q4 2021
  • Rental yields - 6% plus

Discounted off-plan 2-bed prices from £162,000

South Central – Birmingham City Centre Apartments

Highly anticipated 28 storey launch in Birmingham City Centre with an impressive roof garden and communal facilities.

  • 154 units across 28 storeys
  • Residential multi-media community room, gym, roof garden and sky cinema
  • Excellent future connectivity via the metro system to other key transport hubs and locations around the city

from £205,800

ba-

Talk to us

Speak to our UK property experts today: 

+44 (0) 333 123 0320

Open from 9am-6pm GMT

+852 9865 4446

Open from 9am-6pm HKT

Stamp Duty Calculator

.

Unlock members only investment opportunities and full development details. Join now – it’s free, quick and easy.

Login

Not a member? Sign up for free

First time buyers still struggling to get first home

First time buyers still struggling to get first home

Example

By submitting your details via this online form you agree to be contacted via email/phone/SMS by Direct Marketplace Ltd t/a BuyAssociation in relation to property investment and property developments . We do not share your personal details with third parties.  To view our full Privacy Policy click here.