First Time Buyers are having to wait longer than planned to take their first step onto the property ladder according to new research from Clydesdale and Yorkshire Banks.
The Banks’ Annual First Time Buyers (FTB) Survey found that almost two thirds (65%) had to wait longer than they hoped to move into their dream home, while only 8% managed to become a homeowner quicker than planned.
The figures show a slight improvement on the previous 12 months when 68% had to delay getting on the property ladder, however the largest percentage (17%) of those who are unable to meet their home ownership deadline are waiting between one and two years longer than planned.
|% of respondents|
|Had to wait longer||65%|
How much longer did you have to wait?
|% of respondents|
|Up to 6 months more||14%|
|Up to 1 year more||12%|
|1 – 2 years more||17%|
|2-3 years more||7%|
|3-4 years more||5%|
|4-5 years more||4%|
|More than 5 years more||6%|
The challenge to get on the property ladder means that the majority of new homeowners plan to stay in their first property for a number of years. The largest percentage (21%) plan to stay for between four and five years with 19% having no intention of moving from their home for 9 to 10 years.
In both the Midlands and the North East the largest percentage plan to stay in their first home for between 9 and 10 years in comparison to London, South West and Wales where the highest number aim to keep the keys to their first home for between 3 and 4 years.
Steve Fletcher, Director, Retail Banking, said: “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.”
Clydesdale and Yorkshire Banks are currently offering a range of First Time Buyer mortgages with a £1000 cashback*. These include a 3 year fixed rate mortgage with a 90% LTV with a rate of 3.59% and a 3 year fixed rate mortgage with a 95% LTV and rate of 4.89%.
For more information, customers can contact their local branch, call 0800 22 24 26 for Clydesdale Bank or 0800 20 21 22 for Yorkshire Bank, or visit our websites: www.cbonline.co.uk or www.ybonline.co.uk
*Terms and conditions apply. Loans are subject to status.