What Mortgage
No Result
View All Result
what MORTGAGE Awards
  • Login
  • Register
Add Listing
  • Home
  • News
  • Buy-to-Let
  • Homeowner’s Hub
  • Equity Release
  • wM Awards
  • First-Time Buyer
  • Home
  • News
  • Buy-to-Let
  • Homeowner’s Hub
  • Equity Release
  • wM Awards
  • First-Time Buyer
No Result
View All Result
What Mortgage
No Result
View All Result
Home News

Would-be buyers reveal biggest barrier to homeownership

by Kate Saines
June 15, 2020
Would-be buyers reveal biggest barrier to homeownership
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter

Raising a deposit has – for the last ten years – been cited consistently as the most arduous challenge for would-be first-time buyers eager to get onto the property ladder.

But the economic impact of the coronavirus pandemic has meant the factor putting people off making the move is now connected to the lack of employment of threat of losing jobs, according to a study by the Building Societies Association (BSA).

It’s not just the difficulty taking out a mortgage which is hitting people’s confidence – there are obvious concerns about the housing market too.

Almost half of those quizzed by the BSA thought house prices would fall in the next 12 months and just 16% predicted a rise.

Paul Broadhead, head of mortgages and housing at the BSA, said it was unsurprising confidence in the housing market had waned. “Covid-19,” he said, “has impacted every facet of our lives, and the housing market is not immune.”

Related Articles

  • Confused over life insurance jargon – what do the terms mean?
    April 24, 2025
  • Leasehold reforms: How will they impact your home purchase?
    April 16, 2025
  • What factors qualify someone as a first-time buyer?
    April 15, 2025
  • Divorce: Can I release equity to buy out my wife?  
    April 14, 2025

Return to the housing market

The survey results showed signs there may be some positivity amongst potential buyers, with around half who were ‘active’ before the pandemic indicating they would return to the housing market with six  months. In fact, 52% of sellers felt the same.

The BSA also discovered more than a third of buyers had already returned to the property-buying process or planned to do so within the next month.

Nearly one in three said they would either put their property on the market within one month or had kept it on the market throughout the lockdown period.

Only 5% of sellers have decided not to put their property on the market due to the Coronavirus outbreak, and 11% of buyers have decided to no longer look to buy a property in the next two years.

Safety and security

When asked what would instil confidence in the UK housing market – the majority of respondents cited safety and security.

Indeed, ‘evidence that properties can be viewed in a safe manner’ was vital to 36% and ‘increased job security’ would prove confidence boosting for 35%.

Broadhead added: “We are only just getting past the peak of the crisis, and there are already some very positive moves being made both by Government and by lenders to get the housing market moving again.

“These measures include implementing virtual valuations, extending mortgage offers and safely resuming property viewings – which these figures highlight as a key concern among consumers.

Saving cash

Broadhead also thinks, because a number of people have been able to save some during lockdown, this could also help bolster the market going forward.

“If they grow more secure about their job prospects, this may enable buyers to put a little more towards a deposit, and if prices do moderate somewhat, it could help with affordability issues – especially for first-time buyers,” he said.

“Once the market settles back into some form of normality and confidence in job security rebuilds, we could see a fresh landscape that appeals to aspiring homeowners.”

 

Tags: coronavirusdeposit savinghousing marketjob insecuritylockdown
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter

Our recommeded tools

Mortgage Calculators

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo.

Mortgage Best Buys

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo.

Mortgage Match

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo.

Mortgage Search

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo.

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Related Articles

  • Confused over life insurance jargon – what do the terms mean?
    April 24, 2025
  • Leasehold reforms: How will they impact your home purchase?
    April 16, 2025
  • What factors qualify someone as a first-time buyer?
    April 15, 2025
  • Divorce: Can I release equity to buy out my wife?  
    April 14, 2025

Newsletter

Register for our free weekly newsletter for all the latest mortgage news, tips, and features.

Sign Up

Polls

Will the increase in stamp duty on 1 April 2025 make you less likely to buy a property?

View Results

Loading ... Loading ...
  • Polls Archive
  • Advertise
  • Media Information 2018
  • Contact Us
  • About us
  • Terms & Conditions
  • Essential Links
  • Privacy

what Mortgage, Metropolis International Group Ltd © 2025
Registered in England no. 02916515

[MBM_Form id="284841"]

Buying a property, moving home or re-mortgaging? Sign up to our newsletter and marketing emails, and we'll send all the latest mortgage news, top tips, expert advice and what MORTGAGE Awards updates straight to your inbox.

I am a...*
First Name*
Email*
First Name*
Last Name*
Email*
Company
Job Title
I would like to receive...
[MBM_Form id="284841"]

Buying a property, moving home or re-mortgaging? Sign up to our newsletter and marketing emails, and we'll send all the latest mortgage news, top tips, expert advice and what MORTGAGE Awards updates straight to your inbox.

I am a...*
First Name*
Email*
First Name*
Last Name*
Email*
Company
Job Title
I would like to receive...
No Result
View All Result
  • Home
  • News
  • Buy-to-Let
  • Homeowner’s Hub
  • Equity Release
  • wM Awards
  • First-Time Buyer

what Mortgage, Metropolis International Group Ltd © 2025
Registered in England no. 02916515