Only a third of first time buyers believe Help to Buy will help them
Average age of first time buyers is now 37
Alex Johnson has been part of The Independent's online team since 2007. He has been writing about microarchitecture on his internationally-acclaimed Shedworking blog since 2006 and is the author of Shedworking: The Alternative Workplace Revolution. His latest book is Bookshelf, published by Thames & Hudson.
Tuesday 09 April 2013
Around 35 per cent of homehunters do not think they will ever be able to buy their own home, according to figures from MoneySupermarket.com, a drop of six per cent year on year.
Only 29 per cent of non-homeowners believe the Help to Buey scheme will actually help them to get onto the property ladder sooner. A third said they will still struggle to get a mortgage and one in ten admitted that they would find even a five per cent deposit difficult to save for.
The figures also show the average age of a first time buyer is now 37, 38 for those looking to buy in London. Those in Scotland will be 42 on average before they buy their first property where only a third intend to buy their own home compared to 61 per cent of Londoners and 45 per cent nationally.
The MoneySupermarket analysis also shows that the number of overall mortgage products available to first time buyers is now 1,565, up 17 per cent on this time last year.
Clare Francis, mortgage spokesperson at MoneySupermarket.com said: "Home ownership is something millions of people aspire to so it's encouraging to see an increase in the number of people who hope to one day own their own home, even if though may feel a long way off for many.
"The Bank of England's Funding for Lending scheme has provided a real boost for the mortgage market in terms of the number of products available. However, the main beneficiaries are those with large deposits so it is understandable that so many aspiring homeowners still think it's going to be difficult to get onto the property ladder. And even though the government's new Help to Buy initiative is aimed at giving help to these people it is evident that many are sceptical that it will make a significant difference."
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