A frustrated 81% said they would prefer to be home owners and the same number answered that they simply couldn’t afford to buy a place of their own. Of the sample of non-home owners, 75% were renting and 15% still at home.
When asked if they thought it would be easier or harder to buy in six months’ time, 91% thought it would be harder or the same, indicating that, contrary to recent statements by The Governor of the Bank of England, they did not foresee a significant decrease in entry-level house prices.
With property prices generally expected to either hold or increase, depending on where they were living, 41% of respondents said they would consider buying with friends or family to get onto the property ladder. Of the group who were already sharing rented accommodation, the figure was higher – almost half, 48%.
Of the total sample, 94% of respondents thought that the government should do more to help people out of the rental trap and 42% felt that mortgage lenders were not recognising their needs.
Helen Adams, Director of FirstRungNow Ltd comments: “As an increasing proportion of one and two bedroom properties is now owned by ‘buy-to-let’ landlords, stock available for purchase by first time buyers is decreasing and property prices have risen. Rather than increasing interest rates, which penalises all property owners with mortgages, some way of discouraging the landlords who purchase these types of properties should be devised – perhaps by some form of tax. The situation as it is now means that joint ownership is one of the few credible options available for many.”
Comprehensive information about joint ownership as a way onto the property ladder is available at www.FirstRungNow.com.
