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Less than half of aspiring first-time buyers expect to own a home

LESS than half — 48 per cent — of aspiring first-time buyers expect to own a home, according to a new survey published today.

Research by property advice website the HomeOwners Alliance found that 71 per cent of people surveyed who are not homeowners said they want to get onto the property ladder — even though 52 per cent of them believe that this is something that they will never achieve. 

Regarding top barriers to this, 60 per cent of the 2,000 surveyed cited high house prices. Saving for a deposit (44 per cent), the ability to afford monthly mortgage repayments (33 per cent) and the ability to get approved for a mortgage (31 per cent) were also highlighted as hurdles.

The Yorkshire Building Society found that the number of first-time buyers who bought a home with a mortgage fell to its lowest level in a decade in 2023 and the average price of a home in Britain has risen by more than 60 per cent over the last decade alone, according to top lender Nationwide. 

 

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