Clydesdale and Yorkshire Banks have conducted research that found most first time buyers have to wait longer than planned to get onto the property ladder.
65% of First Time Buyers Must Wait to get on Property Ladder
The Annual First Time Buyers (FTB) Survey revealed that nearly two thirds, 65%, had to wait longer than expected to move into their first home, with just 8% becoming homeowners earlier than planned.
However, these figures indicate a slight improvement on the previous year, when 68% could not get on the property ladder quickly. The largest proportion (17%) of those who have to wait are delayed between one and two years.
The struggle to break into the housing market means that most new homeowners stay in their first house for a while. The greatest proportion (21%) plan to stay in their first property for between four and five years. 19% do not plan to move for nine to ten years.
In the Midlands and North East, the highest percentage plan to stay for between nine and ten years, in contrast to those in London, the South West and Wales, who hope to stay for between three and four years.
Director of Retail Banking, Steve Fletcher, says: “Clydesdale and Yorkshire Banks have extensive experience of helping first time buyers get onto the property ladder and we know how difficult it can be to buy your first home.
“It is positive that our research shows that there is a small improvement on the previous year, however, almost two thirds of first time buyers still face challenges in meeting their own timescales for being a homeowner.
“We remain focused on supporting first time buyers and helping to make their dream of owning a home a reality. Whether it is saving a deposit or finding the right mortgage to suit individual needs and circumstances, Clydesdale and Yorkshire Banks can help throughout the process of becoming a homeowner for the first time.”1