Average wait for homebuyers now stands at 3.2 years

Average wait for homebuyers now stands at 3.2 years

New research commissioned by Gocompare.com Mortgages, has found that due to high property prices, affording a deposit and associated costs are the biggest barriers to buying or moving home.

Over half (51%) of Brits are considering buying their first home or moving house according to new research released today.  But, high property values in the area they want to move to together with the associated home-buying costs, mean that many (61%) are unlikely to move in the next 12 months.

The research found that those considering buying or moving home have been thinking of doing so for an average of 3.2 years.

High property prices in the area they want to buy (22%), getting enough money together for a deposit (18%) and the associated costs of buying a property and moving (11%) were cited as the biggest obstacles to their plans.  Other barriers to moving home include a lack of availability of the type of property in the area they wish to live (11%), job or income insecurity (10%) and the ongoing costs of running a home including mortgage repayments, utility bills and council tax.

The survey found that while high property prices are a key obstacle for all would-be home movers, other difficulties varied considerably with age.  For example, 45-54 year olds cite a poor credit history or credit score (14%) and job/income insecurity among their top three barriers to buying or moving home.  For those in the 55-64 and 65+ age brackets, the main obstacle they face is a lack of availability of the type of housing they wish to move to in the area they want to live in.


Matt Sanders, spokesman for Gocompare.com Mortgages said: “Affordability is a big concern for both first-time buyers and those wishing to move-up the property ladder.  According to the Office for National Statistics**, house prices are continuing to increase due to rising demand and a lack of supply.  The average house price in the UK now stands at £288,000 and with house price inflation exceeding wage growth it’s even harder to save enough money for a deposit – potentially putting homeownership out of reach for many people.        

But there is some good news.  Recently there has been a resurgence in the number of lenders offering low-deposit mortgages.  Most lenders now have a mortgage product aimed at homebuyers with a deposit of 10% of the purchase price of their property and, subject to stricter eligibility criteria, some lenders offer 5% deposit mortgages.

Buying a home and repaying a mortgage will probably be the biggest expense most of us make – so it’s important to do your research to make sure you get the best deal for your circumstances.  The obvious advantage of a low-deposit mortgage is that you’ll be able to buy a home or move sooner, but, interest rates and fees for these products tend to be higher than for mainstream mortgages.  So, if you are concerned about the ongoing costs of homeownership, then it might be better off saving for a higher deposit.”

Join our mailing list:

Leave a comment



Latest Comments

Spencer Fortag
Spencer Fortag 25 Aug 2016

The funny thing is, I mentioned the brick issue in my blog back in April: http://medwayproperty.blogspot.co.uk/2016/04/the-medway-property-market-and-lack-of.html

view article
SecomTech
SecomTech 19 Aug 2016

Firstly, I either lodge with DPS or do not take a deposit...secondly, If a tenant has not received a confirmation their deposit is secured with either a scheme or in an insured account with an agent/landlord,...

view article
jasonevans
jasonevans 19 Aug 2016

Belvoir has over 15 years of experience in property lettings, buying and renting and is one of the best agencies I know about. I have heard that they revived an award for the hard work. Really amazing...

view article
jasonevans
jasonevans 19 Aug 2016

Usually these areas are least affected when it comes to unexpected economical collapse.

view article
TheWaspNestRemover
TheWaspNestRemover 11 Aug 2016

You agree to pay for the treatment needed to get rid of fleas, ants, mice, wasps nests and other pests unless you can prove that these are a result of us not meeting our repairing responsibilities or these...

view article
madisonwelch80
madisonwelch80 02 Aug 2016

16% is quite a raise. Let's hope this tendency won't continue for long.

view article
madisonwelch80
madisonwelch80 02 Aug 2016

?66,963 is a serious price drop However buying a property it a serious investment only small percentage of the UK population could afford.

view article
madisonwelch80
madisonwelch80 02 Aug 2016

Wow, it kind of surprised me. I mean counting on mom and dad's bank even after retirement is too much. That's the moment in life when one should have ensured themselves. I am shocked.

view article
AbbieP.
AbbieP. 22 Jul 2016

"While house prices in the most expensive eleven boroughs have declined values in the cheapest eleven boroughs continue to rise" - not a nice way to even out the price range. London is overrated as it

view article
AbbieP.
AbbieP. 21 Jul 2016

And try to profit from your decisions, I may add

view article
CommercialTrust
CommercialTrust 19 Jul 2016

Retirement investment has always been one of the biggest draws of buy to let. And the buy-to-let demographic is, on balance, older. (Over a third of our applicants are over 50 at the time of application.) It...

view article
Forrest Wheatey
Forrest Wheatey 11 Jul 2016

I find the time perfect for ever home-owner wannabe. Prices should slowly, but steadily drop, at least for the inner buyer. Making it harder for outsiders to buy properties (the whole Brexit thing means...

view article

Related stories

More articles from Property

Specialist Lending Roadshow 2016

20th-23rd September

4 days
6 specialists
4 locations
Free to attend

Click here to register now