Tiles Direct asked 10,000 people in the UK what they thought was the single biggest obstacle for First Time Buyers.
Surprise, surprise, money was the main issue. This involves rising levels of rent and well as the cost of living. However a lack of motivation to save, plus irresponsible spending were also stated as barriers by participants. Interestingly, house prices were not given as a main block to first time buyers.
In your opinion, what is the single biggest barrier blocking first-time buyers from saving for a deposit on a house?
1. Rent is too high to save for a deposit: 38.0%
2. Higher cost of living: 21.0%
3. Lack of well-paid employment opportunities: 18.2%
4. Lack of motivation to save money: 8.8%
5. Irresponsible spending amongst Generation Y: 6.4%
6. Poor interest rates on savings accounts: 6.0%
Other reasons with a much lower response were:
- The housing shortage in Britain
- Rising house prices
- Influx of rental accommodation
“It is tough for people to save and become First Time Buyers," says Jason Dyer of JTM Homes. “Mortgage are becoming more flexible – last month, Halifax announced new incentives for First Time Buyers. Plus, Barclays launched a new 100% mortgage deal last week."
Jason adds: “Buying a property can seem daunting, especially if it’s the first time that you’re going through the process. Our friendly team will keep in touch with you every step of the way, offering jargon-free advice and our honest feedback.”
If you are looking to buy a property in north London, contact the team at JTM Homes. We’ll find the right property for you.