Whilst the economy is slowly reopening, and the property market is expected to get hotter, a country wide survey has revealed Brits are hesitant about getting a new home anytime soon.
The experts at Money.co.uk surveyed 2,108 people across the UK about their intentions of buying a property in the next month. The respondents were asked what their biggest barriers are with regards to purchasing a property and what factors would make them consider moving.
Report Highlights
Biggest barriers to buying a home:
|
Jun-21 |
May-21 |
% change | |
| Earnings |
31% |
36% |
-4% |
| Deposit |
26% |
32% |
-6% |
| Mortgage availability |
25% |
28% |
-3% |
| Faff / Hassle |
22% |
18% |
4% |
| Interest rates |
17% |
20% |
-3% |
| Too many outgoings |
17% |
19% |
-2% |
Money.co.uk’s latest Home Buys Report shows ‘hassle’ is one of the main barriers preventing Brits from moving up the property ladder or buying their first home.
In fact, 22% of people (a 4% increase from the previous month) said ‘faff’ is a big reason they are holding off on getting a new home. This overtakes financial considerations such as having too many outgoings and interest rates.
Whilst 22% of Brits don’t want to invest in the long homebuying process, the main reason preventing people from purchasing a home is due to ‘earnings’ with 31% of people saying they don’t make enough money to do so. This is followed up by deposit and mortgage availability in second and third place respectively.