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



Our Next Event

Buy-to-Let Roadshow July 2017

Buy-to-Let Roadshow July 2017

Newcastle - 18/07/2017

Bolton - 19/07/2017

Derby - 20/07/2017

Reading - 21/07/2017

Register now

Latest Comments

SecomTech
SecomTech 22 Jun 2017

AT Last...This was discussed years ago and there was a move towards landlords registering their bad tenants on a database..(can't remember where) It seems a logical step though our leaders will probably...

view article
Bertrand
Bertrand 02 Jun 2017

How about the Welsh Govt introducing a scheme to protect landlords against "rogue" tenants who are then taken to court for criminal damage to the properties they trash. Pretty unlikely I suspect and politically...

view article
AmberMorris
AmberMorris 25 May 2017

"Please don't pick a novelty tune-playing doorbell. They're not 'fun'. They're stupid." Laughed a lot to this. It's actually true, though.

view article
Oliver Conway
Oliver Conway 18 May 2017

Making a neat inventory is a good idea, but if the seller is not willing to provide it, can the buyer demand it?

view article
Bertrand
Bertrand 17 May 2017

First step to nationalisation of the private rented sector IMHO. Nanny state poking their noses into things yet again. I object, as a decent landlord, sometimes having to deal with some pretty awful tenants,...

view article
Izzy
Izzy 16 May 2017

This is such a great a post. I love the detail you've gone into. It's a very useful article for helping those who are looking at deciding which sector they would like to go into! When I first started investing...

view article
paul burnham
paul burnham 30 Apr 2017

Jeremy Corbyn's pledge that a Labour government would build 500,000 new council houses must electrify the general election campaign. Reliance on markets and the profit motive has brought huge housing-related...

view article
CommercialTrust
CommercialTrust 28 Apr 2017

Sadiq Khan?s announcement of an online database of landlords and letting agents who have been convicted of housing offences, appears on face value to be a variation of the already implemented Database

view article
warren
warren 26 Apr 2017

You're very welcome Mary! Glad you enjoyed them :)

view article
Mary Ward
Mary Ward 26 Apr 2017

Thank you for the wonderful ideas. First impressions can make or break a deal. It's sadly that many homeowners drop the kerb to create an off-street parking space.

view article
Tony Gimple
Tony Gimple 14 Apr 2017

I'm not at all surprised that so many landlords are still confused about what the tax changes really mean and how it will affect them. In particular, the blind rush to incorporation is leaving landlords...

view article
MH
MH 13 Apr 2017

You are right that the bank holidays are going to be spoiled in looking for the properties. But people who want to sell their property and looking for the better relocation, they can get benefits of this...

view article

Related stories

More articles from Property

Buy-to-Let Roadshow
July 2017

18th-21st July

4 days
7 specialists
4 locations
Free to attend

Click here to register now