Myth-busting – Electrical Safety installations Act 202011:19 AM, 3rd August 2020
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Around 85% of first time buyers are worried they will never buy a home – and blame buy to let landlords for a lot of their problems.
They feel landlords are blocking their way on to the property ladder by snapping up affordable homes to add to their rental portfolios.
The would-be buyers are also angry that the banks are demanding deposits that are beyond their reach and home prices are too high, according to a study by online advisor FirstRungNow.com.
Helen Adams, managing director said: “Young people today living in rented property are facing great difficulties taking the first step towards buying their own home.
“One of the problems is that one and two bedroom flats and houses are the favoured target of landlords, thereby pushing these properties out of reach price-wise and first time buyers are worried about the effect of not being able to afford their first home.”
The poll also revealed 9 out of 10 young adults who want to buy a home consider too little help is offered by lenders and the government.
“With the launching and withdrawal of various schemes over the last few years it’s easy to be confused, but the government does offer shared equity and shared ownership first time buyer schemes across the country to key workers and those households with an annual income of below £60,000. Outside that, help with the deposit should be sought from parents or grandparents,” said Adams.
Separate research by The Halifax shows the average age of first-time buyers is increasing.
The youngest first-time buyers are in Selby, North Yorkshire, where the average age is 25, while the eldest in Harrow, North London are 34 years old.
Nitesh Patel, housing economist at Halifax, said: “There are several areas where the average age of first-time buyers is three to four years below the national average. Most are in the north, where house prices are lower, helping to limit the size of the deposit needed.
In London and the South East, the time needed to save a deposit can be lengthy, resulting in first-time buyers who are typically several years older than in the rest of the country.”
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