After years of financial instability, it’s understandable why many seek to rent rather than buy. A recent survey revealed that on average, potential buyers wait more than three years before stepping onto the property ladder. This suggests that many still lack confidence in the housing market.
What’s more, over half questioned (52%) were contemplating purchasing a property, but a higher percentage (63%) said a move within the next year was highly unlikely.
However, as a result of improvements to the economy and initiatives like Help to Buy, we expect to see an increase in the number of property owners across the UK.
Common issues for buyers include the cost of moving, high property prices and finding the money for a deposit. But as the economy picks up, it’s a good time to make the most of opportunities within the housing market.
The Help to Buy scheme is designed to ease the economic pressure. It’s targeted at those looking to buy a new home or upscale; offering a 5% deposit as opposed to the typical 20-25%. The remainder of the money is made up through a government loan and traditional lenders.
Help to Buy video by Barratt Homes.