Concerns over UK property market revealed
Nearly nine in 10 homeowners are concerned about first-time buyers' ability to get a foothold on the property ladder, a survey has revealed.
Some 87% of Brits felt that the issues facing first-time buyers in the property market were a problem, while 53% said it was a very serious problem.
On top of this, a hefty 86% felt that saving for a deposit was a key concern for people thinking about buying a property, while more than three-quarters (77%) said soaring house prices were another worry.
The worries don't end when you do buy a property either. The survey found that overall more than a third of homeowners (35%) were fearful that an expected interest rate rise will impact on their ability to pay their mortgage. Among young homeowners, aged between 25 and 34, half (49%) were concerned.
More than two-thirds of Brits (69%) worry that problems with the availability of housing in the UK is making it difficult for people to get on the property ladder and forcing up prices for those who are in a position to buy.
Young homeowners are also more likely to use an affordable finance option in order to buy their home, compared to older owners. Some 28% of owners aged between 25 and 34 have an extended mortgage term of over 25 years, for example, compared to just 17% overall.
A quarter (24%) of young homeowners have had to borrow money from family or friends in order to get on the property ladder, as opposed to just 11% of all homeowners, while 10% of youngsters said they used a scheme such as Help to Buy (compared to just 4% overall.)
Chief executive of the HomeOwners Alliance, Paula Higgins, warned: "Worries about high prices and the shortage of housing has become a national issue.
"Talk about the housing crisis has spread across the UK, as homeowners everywhere have become worried that housing is becoming unaffordable and owning their own home is an impossible dream for young people."