Home Buyers Nervous

‘A survey from the Building Societies Association (BSA) has found that one in four prospective first-time buyers believe it will take them at least a decade to have a deposit in place.

The BSA’s quarterly property tracker said that before the financial crisis in 2008, 88% of first-time buyers were able to raise a deposit in five years or less.

However, now only 62% believe they will be able to save in the same timeframe. Around 59% of respondents said saving for a deposit was a barrier to buying a property in December, down from 62% in September and 64% in December 2011.

The survey also showed that it is now easier to secure a mortgage than at any time in the past four years as borrowing rates have reached a five-year low and planning approvals have climbed. The BSA said that about 45% of respondents said mortgage access was a barrier to home ownership, compared with nearly 60% last year.’

Source: The Daily Telegraph

Myfanwy Neville

Partner: Property and Construction, Sustainability and ESG

T +44 (0)20 8922 9376
E Myfanwy.Neville@bkl.co.uk

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