Mortgages and price the major concerns for UK residents

by Gary Whittaker

Financial issues are the biggest concerns of those who are aspiring to own a home at some point, according to a new survey released by the Home Builders Federation (HBF).

It said some of the things that worry prospective buyers the most is the price of getting onto the ladder, how this is rising all the time, and the lack of affordable mortgages in the future when they come to try to purchase their first home. 

These both ranked below only deposits, with as many as 73 per cent of people saying that saving up enough of a down payment to be able to have a mortgage approved as a big problem for them. Prices are currently worrying some 69 per cent of people aged below 34, while 53 per cent believe that it is only going to get more difficult to get a mortgage moving forward. 

In spite of this, many people are still aspiring to become homeowners, with the HBF study finding that as many as 84 per cent of people aged between 18 and 34 will be looking to get themselves a house at some point in the future. 

"In the midst of a housing crisis, the prospect of getting on to the property ladder can seem like a distant possibility to many people. But there are options available to today's young people. Due to government schemes buying a new build home is a real possibility for people," said HBF executive chairman Stewart Baseley.

Of those who were surveyed by the HBF, more than half said they would consider buying a new property, which shows that the government really needs to deliver on its promise to deliver more new houses in the next few years to help address the housing crisis. Mr Baseley said these are often the best option for young people, because they offer cheaper entry points to the market, among a host of other positives. 

"New build homes have so many great benefits, from the high build quality and brand new fixtures and fittings, to the low running costs and added bonus of a ten year warranty. But the real benefit for many first time buyers is the affordability of the whole process," he said. 

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17-May-16Legal News