Are Homebuyers Feeling Hesitant?

House PricesA new survey released this week suggests that the average Brit looking to move house or purchase their first home actually consider these plans for around 3.6 years. This survey conducted by GoCompare shows that 52% of Brits are considering a move, or are looking to step onto the property ladder.

 

The main factors affecting peoples decision to move is the cost associated with buying and moving house, alongside high house prices. 21% of people who were surveyed, expressed a genuine fear that they will never be able to afford a house move or purchase their first property.

The main worries highlighted throughout the survey were: the cost of buying or moving, higher house prices in desirable areas, the cost of running a house, raising a deposit, uncertainty around job security and the lack of availability of the type of house people would like to purchase.

15% of survey respondents believe they are unlikely to reach their new home dreams within  the next five years, the age range of these respondents are 25-34 year olds. Almost a quarter of this age group say that getting the money saved for a deposit is the main factor holding them back from owning their own home.

There is however some light at the end of the tunnel, with low interest rates, and the continuous improvement in peoples confidence towards the UK economy are ideal conditions for the property market. The extension of the Help to Buy scheme, and government backing for more developments to go ahead can potentially start to give homebuyers the hope of realising their house purchasing dreams.

 

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Posted by: Samantha Turner-Meyern Categories: Finance, House Prices, Industry News, Latest News, Property Market, Property News, Uncategorized Tags: , , , , , , , , , Comments Off on Are Homebuyers Feeling Hesitant?

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