First time buyers in the UK are having to wait longer than planned to take their first step onto the property ladder according to new research.
Some 65% have had to wait longer than they hoped to move into their dream home, while only 8% managed to become a home owner quicker than planned, the first time buyer’s survey from Clydesdale and Yorkshire Banks shows.
The figures show a slight improvement on the previous 12 months when 68% had to delay getting on the property ladder, however the largest percentage, 17%, of those who are unable to meet their home ownership deadline are waiting between one and two years longer than planned.
The challenge to get on the property ladder means that the majority of new home owners plan to stay in their first property for a number of years. Some 21% plan to stay for between four and five years with 19% having no intention of moving from their home for nine to 10 years.
In both the Midlands and the North East the largest percentage plan to stay in their first home for between nine and 10 years in comparison to London, South West and Wales where the highest number aim to keep the keys to their first home for between three and four years.
‘Clydesdale and Yorkshire Banks have extensive experience of helping first time buyers get onto the property ladder and we know how difficult it can be to buy your first home,’ said Steve Fletcher, director of retail banking.
‘It is positive that our research shows that there is a small improvement on the previous year, however almost two thirds of first time buyers still face challenges in meeting their own timescales for being a home owner,’ he added.
Clydesdale and Yorkshire Banks are currently offering a range of first time buyer mortgages with a £1,000 cashback. These include a three year fixed rate mortgage with a 90% LTV with a rate of 3.59% and a three year fixed rate mortgage with a 95% LTV and rate of 4.89%.