Almost two-thirds (65 per cent) of new homeowners had to wait longer than they initially expected to get on the property ladder, new research from Clydesdale and Yorkshire Banks found.
While the proportion of people who had a longer-than-planned wait for their first home purchase has declined as compared to a year ago (68 per cent), still a considerable number of new buyers (17 per cent) are waiting a year or two more than they had expected.
The bulk of prospective homebuyers taking so much time before the first purchase signifies that most of them plan to remain in the property for long. The research findings support that claim with over a fifth (21 per cent) of first-time buyers saying they would stay between four and five years and almost a fifth (19 per cent) saying they will live in their first home for nine to ten years.
In a regional comparison, first-time buyers in the Midlands and the North East tend to prefer a longer stay, with the largest percentage of people in these regions saying they will remain at their first-bought property between nine and ten years. Londoners and residents in the South West of England and in Wales are in favour of shorter-term solutions. Most people in those regions said they would stay at their first own home for three to four years.
Commenting on the research findings, Steve Fletcher, director, retail banking at Clydesdale and Yorkshire, said:
“It is positive that our research shows that there is a small improvement on the previous year, however almost two thirds of first time buyers still face challenges in meeting their own timescales for being a homeowner.”
| % of respondents | |
| Had to wait longer | 65% |
| As expected | 27% |
| Less | 8% |
How much longer did you have to wait?
| % of respondents | |
| Up to 6 months more | 14% |
| Up to 1 year more | 12% |
| 1 – 2 years more | 17% |
| 2-3 years more | 7% |
| 3-4 years more | 5% |
| 4-5 years more | 4% |
| More than 5 years more | 6% |
