Home ResidentialFirst-time buyers Revealed: The biggest barriers to buying a home

Revealed: The biggest barriers to buying a home

by LLP Editor
4th Jun 21 1:23 pm

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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