A new survey shows almost two thirds of prospective first time buyers regard it as ‘impossible’ to get on the property ladder - proving how valuable landlords are, providing homes in the private rental sector.
While the survey of 2,000 potential purchasers revealed 72 per cent in a position to look for a home within the next two years, some 44 per cent were confused by the changing deposit requirements and lender criteria, while over a half felt it would take over five years to save for a deposit.
A significant majority - 76 per cent - feel worried, confused and angry at how the Coronavirus crisis has affected their home ownership aspirations.
Miles Robinson, head of mortgages at Trussle, says: “While it’s encouraging to see the property market remaining open for business with viewings and valuations remaining in place during the second lockdown, it’s disappointing that first-time buyers are struggling to navigate the market.
“One option for first-time buyers is to adapt expectations when it comes to location, exploring more affordable areas and seeing the working from home option as a long term alternative.
“However, the onus cannot continue to sit purely on the first-time buyer and their transactional power cannot remain untapped as we head into an uncertain 2021.
“The financial impact of the pandemic has meant that lenders are pulling a number of high LTV mortgages. As of this week, there are only 74 mortgage deals available for mortgage applicants with a LTV over 90 per cent.
“By comparison, this time last year there were over 2,000.”