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.
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