Brits pessimistic about property buying

Over half of Brits do not believe they will be able to purchase a property this year, according to new findings.

Research published by Gocompare.com has revealed that those hoping to buy a property have been waiting 3.6 years on average, while 21 per cent are worried that they may never afford to buy a home or move.

This has led to an increasing number of people opting for rental accommodation instead, due to the difficulty in getting onto the housing ladder.

The costs associated with buying and moving home, together with high house prices were cited as the main barriers to buying.

Fourteen per cent of Brits raised concerns about saving a deposit, while ten per cent cited concerns about job security or income and nine per cent said they perceive there is a lack of availability of the type of house they want to buy.

The findings have been released when similar research published by the Office of National Statistics (ONS) indicated that house prices increased by 6.8 per cent in January this year compared with 2013.

This is a monthly increase of 5.5 per cent compared to December 2013.

Ben Wilson a spokesman from Gocompare, said that it is a mixed picture for the housing market. 

He added: "Low interest rates and improved confidence in the economy are creating potentially ideal conditions for the housing market. However, our survey suggests the high costs associated with buying and moving home, together with the requirement to put down a bigger deposit, are preventing many people from realising their property dreams."

Figures by Gocompare also showed that of those considering a move or buying a house, around 15 per cent think that they are unlikely to be able to buy a new property within the next five years.

Published 26th March, 2014

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