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.”
Want to comment on this story? Our focus is on providing a platform for you to share your insights and views and we welcome contributions.
If any post is considered to victimise, harass, degrade or intimidate an individual or group of individuals, then the post may be deleted and the individual immediately banned from posting in future.
Please help us by reporting comments you consider to be unduly offensive so we can review and take action if necessary. Thank you.
.jpg)
.png)
Join the conversation
Jump to latest comment and add your reply
Even before I left school I was saving part of my wages from my paper rounds, my first house was a wreck that I paid £5k for cash, then spent a year renovating it, today's young live for today and spend spend spend, small wounder that they cannot buy property.
In my case, from when I was 12, (I had already done paper rounds since about 8) I worked in the local pub on Sunday Mornings (8am to 10 am - Not opening hours!) cleaning the beer pumps of which there were 15+, and that meant running up and down to the cellars "sponging" the pipes from upstairs and changing barrels and washing up the night before glasses and ash trays.
And then from 15 (as well as still doing the pub) I worked all day on every Saturday in a High Street Jewellery (James Walker) store, and at the same time I also worked week days during school term holidays - even working on Christmas Eves and Boxing days....
So I was doing three jobs a week and the only free times was Sunday afternoons. And also helping my Father cut the garden and dig the vegetables.
And yet, I still found the time and energy to have girl friends, enjoy some sports and do my school and college work.....
I got great grades, and I got a great proper job too working at the best Advertising Agency in the world in London's West End for 18 years and then I spent 25 years as a CEO and MD in global Ad Agencies in Bahrain, Qatar, Beirut, Germany, Nigeria.
And now I own 10 houses of various forms - Detached, Semis, and one flat. And have retired to the sun in a lovely 6 bedroom Villa in Cyprus overlooking the Mediterranean.
So what the f**k do these cheating tenants and house wrecking feckless, lazy good for nothings try and do for themselves instead of claiming the state owes then everything!!!!
NEITHER THE STATE, nor I owe them anything, zilch, bug*er all, nowt. They should be forced to get off their inevitably very fat ars*s and do something for themselves.
And they should be forced to do it NOW!
It is all possible if you have any guts, drive and ambition, which we all have, just that some want to look the other way!
ok boomer
welfarism is the cause of most ills
and dumb politicians
time for restrictions on who can stand for political position
My daughter and her boyfriend have saved hard for a deposit and have over 10%. They both have good jobs but the problem is they want to buy a new build and lenders are insisting on 15% deposit. Lenders can do their bit by actually lending money. It is after all what they are in business to do!
The problem with new builds, just like new cars, is they are over priced because they are ''new'', try buying one a year old and save a lot of cash
can you fund the other 5%?
Then save for the 15%.
Or get one that takes the 10% and do it up and sell it to go for the next one up the laddser.
That's what a lot of us '' boomers'' done, I've lived in caravans on site with wife and young children in tow, if you want things in life you need to work for them and go with luxuries .
Absolutely............
Please login to comment