The latest news that has got everyone talking is that first time buyers are having to wait longer to take that first step on the property ladder. The annual First Time Buyers (FTB) Survey found that almost two thirds (65%) of people were waiting longer to buy their dream home.
The figures released do show an improvement on last years, when 68% of survey respondents had to delay getting on the property ladder. The largest percentage (17%) of those who are unable to meet their home ownership deadline, are waiting between one and two years longer than planned.
% results of survey respondents
65% – Had to wait longer
27% – As expected
8% – Waited less to buy their first home
How much longer did you have to wait?
14% – Up to 6 months more
12% – Up to 1 year more
17% – 1-2 years longer
7% – 2-3 years longer
5% – 3-4 years longer
4% – 4-5 years longer
6% – Longer then 5 years
The current challenge to get a foot on the property ladder means that the majority of new homeowners plan to stay in their first property for a number of years longer than previous years surveys show. The largest percentage (21%) plan on staying for between 4 and 5 years, with 19% having no intention of moving for at least 9-10 years.
It’s positive to see that this research shows a small improvement, however two thirds of first time buyers still face challenges in meeting their own timescales to purchase their first property.
Focus needs to remain on supporting first time buyers and helping them to realise their property ambitions, whether that is saving a deposit or helping them find the right mortgage to suit that persons individual needs.