Over the last year, half of UK renters (51%) have viewed saving for a mortgage deposit as less of a barrier to owning their own home than in 2014.
On a similar note, 41% said that finding an affordable property was less of a barrier, and 33% felt that getting a mortgage approved was less onerous than last year.
The research comes from specialist lender Precise Mortgages as part of the 2015 Mortgage Voice report in conjunction with YouGov.
However, just 7% of UK adults believe access to mortgages has improved in the past five years, while 12% said home loan accessibility was better but not by enough – this is down from 29% last year.
Half of the 2,000 surveyed (49%) believe that mortgage rates only favour those with large deposits and 36% feel that mortgages are too difficult to obtain for first-time buyers.
But the younger age group find it more of a struggle. Three quarters (76%) of renters aged between 18 and 24 see saving enough for a deposit as a barrier to owning their own home, and 67% say finding an affordable property is a barrier.
With the average cost of a property now upward of £200,000, according to Halifax, and house price inflation set to hit 6% this year, says the Royal Institution of Chartered Surveyors, affordability is likely to remain a challenge for first-time buyers.
Despite an uphill battle, 41% of those renting aged 18 to 24 still hope to own their own home in the next five years. However, amongst the older demographic the situation differs, with only 14% of renters aged 45 to 54 planning to own a property in the next five years, with the majority (67%) instead, having no aspirations to be a homeowner.
Alan Cleary, managing director of Precise Mortgages, said: “Prospective homebuyers are feeling more positive about their ability to save and find an affordable property, but with consumer sentiment towards mortgage accessibility falling in the last year, the industry has a vital job to do in reassuring prospective homeowners.
“The mortgage industry should serve prospective homebuyers, and we must dispel the belief that lenders continue to favour large deposits and are unforgiving of those with blemishes on their credit record.”
“There are specialist lenders in the market ideally placed to help navigate the obstacles potential homebuyers face, but there is still more to be done across the wider industry. Ensuring that all viable homeowners have access to mortgage products should be the aim of the industry as a whole.”
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