Majority of aspiring first-time buyers 'confident' - Financial Reporter

Majority of aspiring first-time buyers ‘confident’ – Financial Reporter

Warren Lewis explains how the landscape of home-ownership has changed. For many brits who aspire to own a home, they have admitted that their personal vision does not exactly match up with the current economic environment. Even so, an analysis completed by My Home Move has shown that many potential homeowners are optimistic about their prospects and expect that they will be able to purchase a home by 2021. The main disparity between their personal vision and reality was the age they would be when they would be able to afford a home. Many have had to wait considerably longer to realize the goal of ownership.

Key Takeaways:

Many who grew up in the 1970s and 1980s struggle to achieve home ownership.
High property prices and low supply of housing has negatively impacted first-time buyers.
Home buyers are needing gift deposits and Government support, especially through the Help to Buy: Equity Loan plan, to secure a mortgage.

“The latest analysis from My Home Move has found that the majority of people who are yet to set foot on the property ladder are ‘hopeful and confident’ about their chances.”