First-time buyers are struggling with “property ladder anxiety”, according to the results of a national survey we commissioned of 2,000 people.
The research showed that although the majority of respondents want to own their own home or have a property of their own to rent out in the next year or two (51 per cent), 38 per cent stated they didn’t feel they would be able to afford it in the next five years.
Unsurprisingly, not having the all-important money saved for the deposit to secure a new home was cited by 64 per cent as the top barrier to buying a new home.
Meanwhile 29 per cent of respondents said they could not afford to move on their own, and 28 per cent stated they did not think they would be able to afford monthly repayments or bills on their own. An alarming further 22 per cent – more than one in five – said they did not understand the procedures of buying a property.
Although most first-time buyers want to own a property, most of those surveyed felt they would be priced out of the market they currently live in, with just under half (43 per cent) saying they did not think they would be able to buy a home in the same area.
Andrew Richards, Linden Homes group managing director, commented: “So many people get property ladder anxiety; they look at local homes on the market and do the calculations themselves based on a 20 per cent deposit without actually speaking to experts in the field.
“The advent of Help to Buy unlocks so much potential for this market to get onto the property ladder. We are often asked, ’what’s the catch?’ But put simply, it has never been a better time to buy a new build home.”
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