The majority of the Welsh public believe their greatest challenge to securing the home they want is current interest rates and the ability to raise a deposit, according to a new report.
The research surveyed 1000 people and was carried out by removals company Bishop’s Move, which is this year celebrating its 160th year in business.
It found that almost half (42 per cent) in Wales see raising the funds to secure a mortgage as their greatest obstacle.
That compares to just 12 per cent in East Anglia, 15 per cent in the North East and 13 per cent in the East Midlands.
Wales has the highest percentage of people on low incomes in the UK, according to recent figures from the Department of Work and Pensions.
However, when asked “What do you see as the current and greatest challenge to buying a property?” just 8 per cent of those in Wales answered “being priced out of the home I want”, compared to 27 per cent in the North East, and 28 per cent in London and the South West.
A further 17 per cent of those surveyed in Wales said they found changes to the mortgage application criteria the biggest challenge and 10 per cent were concerned about being sucked into the 3 per cent stamp duty threshold; the second lowest ahead of 8 per cent in the North East.
