We’ve been speaking to lots of different people about home ownership – some of whom were making plans to buy their first home and some who had recently bought a home.
We asked them questions about their feelings towards buying a house for the first time and what their experiences have been so far.
now feel that owning a home is more important than getting married or having children.39% Potential First Time Buyers
feel that owning a home is ‘essential’ to feeling like they had succeeded in life.69% Potential First Time Buyers
It’s no secret that having a nice pot of savings is a springboard into home ownership - so how are potential first time buyers feeling about their saving opportunities and what are they doing about it?
of young adults are already saving to buy their first home.88% of people aged 18-24
expect that it will take a decade to save enough to be ready
didn’t realise they’re planning on saving less than the UK average deposit required.Source: http://www.yourmoney.com/mortgages/33k-average-deposit-now-put-first-time-buyers/
Get an idea of what mortgages are available for your planned deposit using our Mortgage Finder.
Some would-be first-time buyers are now saving usingCryptocurrency (Such as Bitcoin, Litecoin)2% Potential First Time Buyers
are looking to save longer in order to buy adetached
property as theirfirst home 34% Potential First Time Buyers
Plus many first time buyers have been saving usingHelp to buy ISAs 43% Potential First Time Buyers
Our Help To Buy ISA might be a great way for you to start saving for your first home.Find Out More
live with their family or friends while trying to save for their first home.38% Potential First Time Buyers
Expectation forFinancial support
is increasing38% of Potential First Time Buyers expect financial support from parents.
of recent first time buyers received financial support from their parents.50% Actual First Time Buyers
Our Offset Plus mortgage allows your family or friends to reduce the cost of your Offset mortgage using their savings.Find Out More
An offset mortgage is a way of linking your mortgage with your savings to provide you with a way to use your savings to reduce the cost of your mortgage.
Instead of earning interest on your savings, you will reduce the amount of interest charged on your mortgage so you can reduce your repayments or the term of your mortgage.
Looking at the trends for those that have either already managed to buy their first home or are now in a financial position to commit.
believe that owning a home is a good financial investment.89% Potential First Time Buyers
think that house prices will rise over the next five years.58% Potential First Time Buyers
expect their first mortgage will be fixed-rate62% Potential First Time Buyers
expect their first mortgage deal to be a 5 year fixed-rate.Perhaps prompted by uncertainty of the Bank Base Rate. 43% Potential First Time Buyers
Take a look at some of our 5 year mortgage deals5 year mortgage deals
is still the main thing people look for when choosing a deal.
of first time buyers said they didn’t understand all of the information in the house-buying process.48% Potential First Time Buyers
Our handy tips guide on mortgage applications might give you some useful tips.Handy tips
feel that commuting distance and transport links are equally very important.
Of course this depends on many factors – some of which we’ve mentioned above, but it’s safe to say that for most of us, affordability is the key.
House prices across the UK vary dramatically – plus you need to consider how much you can afford to pay based on your current wage.
We’ve created an affordability map which shows the average house prices and average yearly wages for local authority regions across the UK.UK Affordability Map
To find out more about what first time buyers think, you can download our full report.Download report (3534 KB)