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17/11/2011
First Time Buyers Taking 'Desperate Measures'
First time buyers are resorting to second jobs, personal loans or sharing new homes with friends as they struggle to get on the property ladder, according to new research.
The study, by Santander Mortgages, has outlined difficulties many consumers are facing as they try to get onto the increasingly slippery property ladder.
Average housing deposits are nearly £37,3752, coming in at 17% of the overall property value.
A third of all non-homeowners said they believed they'd never own a property while one in four current non-homeowners said they were hoping to buy within the next five years.
Second jobs and extra debt.
Just over a quarter of hopeful buyers said they would take on second jobs or work overtime to secure the deposit they need and slightly more said they were prepared to take out a personal loan to help raise the money.
According to consumer group Which, the findings highlight a change in buying trends over the last decade: Of current homeowners, who purchased their properties an average of 12.5 years ago, just 5% relied on overtime or a second job to raise their deposit.
Only 4% had to take out a loan.
Over half of those questioned by Santander said they would use their savings to finance their first home deposit. However, the proportion of potential buyers relying on inheritance money has almost doubled, moving from 8% for current homeowners to 14% for aspiring first time buyers.
Some 7% of respondents said they'd rent out a spare room to raise the deposit cash - and 6% said they'd share the deposit payment with friends.
(DW)
The study, by Santander Mortgages, has outlined difficulties many consumers are facing as they try to get onto the increasingly slippery property ladder.
Average housing deposits are nearly £37,3752, coming in at 17% of the overall property value.
A third of all non-homeowners said they believed they'd never own a property while one in four current non-homeowners said they were hoping to buy within the next five years.
Second jobs and extra debt.
Just over a quarter of hopeful buyers said they would take on second jobs or work overtime to secure the deposit they need and slightly more said they were prepared to take out a personal loan to help raise the money.
According to consumer group Which, the findings highlight a change in buying trends over the last decade: Of current homeowners, who purchased their properties an average of 12.5 years ago, just 5% relied on overtime or a second job to raise their deposit.
Only 4% had to take out a loan.
Over half of those questioned by Santander said they would use their savings to finance their first home deposit. However, the proportion of potential buyers relying on inheritance money has almost doubled, moving from 8% for current homeowners to 14% for aspiring first time buyers.
Some 7% of respondents said they'd rent out a spare room to raise the deposit cash - and 6% said they'd share the deposit payment with friends.
(DW)
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13 September 2010
Mortgage Market Still 'Subdued'
Demand for mortgages remained weak in July, according to the latest figures released by the Council of Mortgage Lenders. The new figures showed that there were 56,000 loans for house purchase advanced in July, an increase of 7% from the previous month.
Mortgage Market Still 'Subdued'
Demand for mortgages remained weak in July, according to the latest figures released by the Council of Mortgage Lenders. The new figures showed that there were 56,000 loans for house purchase advanced in July, an increase of 7% from the previous month.
15 April 2009
House Purchase Lending Edges Up And Remortgaging Declines
The number of house purchase loans ticked up in February, according to new data from the Council of Mortgage Lenders (CML). There were 24,300 house purchase loans worth £3.1 billion, compared with 23,400 loans worth £3.1 billion in January - a 4% increase.
House Purchase Lending Edges Up And Remortgaging Declines
The number of house purchase loans ticked up in February, according to new data from the Council of Mortgage Lenders (CML). There were 24,300 house purchase loans worth £3.1 billion, compared with 23,400 loans worth £3.1 billion in January - a 4% increase.
27 September 2004
New plans set to get first time buyers on property ladder
Proposals to make better use of public sector land and help first time buyers have been outlined by the Deputy Prime Minister today. Smarter use of public sector-owned land and driving down spiralling construction costs would help people get onto the housing ladder, John Prescott said. Since 2003 the number of first time buyers has fallen by 27%.
New plans set to get first time buyers on property ladder
Proposals to make better use of public sector land and help first time buyers have been outlined by the Deputy Prime Minister today. Smarter use of public sector-owned land and driving down spiralling construction costs would help people get onto the housing ladder, John Prescott said. Since 2003 the number of first time buyers has fallen by 27%.
17 December 2012
One In Four First-Time Buyers Take Ten Years To Raise Deposit
More than one in four first time buyers say that it will take them ten years or more to raise the necessary deposit to buy a property, say the Building Society Association (BSA) in their 19th edition of Property Tracker, published today.
One In Four First-Time Buyers Take Ten Years To Raise Deposit
More than one in four first time buyers say that it will take them ten years or more to raise the necessary deposit to buy a property, say the Building Society Association (BSA) in their 19th edition of Property Tracker, published today.
23 July 2013
Second Home Buyers Excluded From Help To Buy Scheme
The second stage of the Help to Buy scheme will be closed to second home buyers, George Osbourne has said. The Help to Buy scheme was launched four months ago to provide equity loans to people to help buy new homes. The second stage of the scheme is due to begin next January, with buyers needing just a 5% deposit to buy a home.
Second Home Buyers Excluded From Help To Buy Scheme
The second stage of the Help to Buy scheme will be closed to second home buyers, George Osbourne has said. The Help to Buy scheme was launched four months ago to provide equity loans to people to help buy new homes. The second stage of the scheme is due to begin next January, with buyers needing just a 5% deposit to buy a home.
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Northern Ireland WeatherToday:After a dry start this morning rain will spread from the northwest across all parts. This afternoon will be dull with some patchy rain and drizzle. Becoming much milder through the afternoon. Maximum temperature 11 °C.Tonight:A cloudy evening and night with a little light rain or drizzle, perhaps some clear periods developing along the east coast. A very mild night everywhere. Minimum temperature 10 °C.
