According to the latest data from money.co.uk, a third of Brits say they’d need a lottery win to move home, suggesting that affordability is the biggest problem for home buyers.
New findings also reveal that Brits feel that Government support schemes are not fit for purpose. 41% of respondents say they wouldn’t seek government when purchasing a property.
“The research also continues to show that people aren’t taking up the government help that’s available, which suggests measures are either not fit for purpose or not well known or understood.
Among those who did plan to take help, right to buy was the most popular scheme.
In second place for first-time buyers was a Help to buy Equity Loan, while existing homeowners were more likely to consider shared ownership. The least popular schemes were right to acquire and the council discounted scheme.
When it comes to what’s preventing sales, earnings (31%), deposits (28%) and mortgage availability (24%) are seen as the major barriers to getting on the property ladder.
Another factor that might be driving unaffordability is the local amenities people desire. Among our buyers, local shops were a core concern (34%) as were local parks (32%), good transport links (30%) and low crime (30%). All of these are fairly common requirements for a home, but it suggests that people aren’t able to find homes that tick all their boxes and are also within budget.