Challenging economic conditions have led many aspiring first-time buyers (FTBs) to delay their plans to purchase a home.
According to recent research1, 44% of hopeful FTBs have postponed their homeownership goals due to the current financial climate. On average, these individuals have spent five years saving for a deposit, yet nearly half (48%) report extending their timeline by up to a year because of ongoing economic uncertainty. Alarmingly, 22% have delayed their plans by at least two years.
To get on the property ladder, over half (55%) are considering purchasing a cheaper property to make their mortgage repayments more manageable, while 53% are exploring homes further away from their workplaces or loved ones to find affordable options. These compromises reflect the difficult choices buyers are making to achieve their dream of homeownership.
Keep focused
Despite these challenges, the determination to get onto the property ladder remains strong. Encouragingly, 80% of FTBs said that their efforts were worth it in the end, proving that perseverance pays off.
If you’re feeling overwhelmed by the current property market, you don’t have to go through it alone. We’re here to support you every step of the way and help you take the first steps toward homeownership. You don’t need to put your plans on ice, let’s talk it through.
1Aldermore, 2024
It is important to take professional advice before making any decision relating to your personal finances. Information within this article is based on our current understanding and can be subject to change without notice and the accuracy and completeness of the information cannot be guaranteed. It does not provide individual tailored investment advice and is for guidance only. Some rules may vary in different parts of the UK.