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First-Time Buyers More Positive about Prospects

It was good to hear that first-time buyers are starting to feel more positive about their prospects of getting on the property ladder, according to Aldermore bank.

Its latest quarterly First-Time Buyer Index found a drop in the number who believe that buying their first home will be extremely difficult, falling from 39% in 2016 to 35% in Q3 2017.
In addition, as the market begins to flatten, rising property prices are no longer seen as such a barrier, with a 10% decrease in those who consider it the biggest obstacle to buying their first home. Almost one in ten (37%) found this to be the biggest barrier in 2016 in comparison to just over a quarter (27%) in 2017.
The Index has also revealed that mortgage affordability and difficulties’ securing a mortgage are increasingly becoming viewed as more of an issue. Over one in ten (12%) first-time buyers believe mortgage affordability is an obstacle to getting on the ladder, in comparison to just one in twenty (5%) in 2016.
When it comes to saving a deposit, first-time buyers are apparently more willing to go it alone and are slowly becoming less reliant on friends and family to help them save. Three in five (59%) are currently living with or would consider living with family and friends to get on the ladder (down 10% from 69% in 2016).
The survey also asked what would help first-time buyers get on the ladder. Just over a quarter (26%) believe building more homes would help them the most, a quarter (25%) believe there needs to be a special stamp-duty free allowance for first-time buyers and a quarter (24%) believe better mortgage products need to be introduced.

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