First-time buyers ‘put life on hold’
Summary
New research cited by Yopa suggests that many first-time buyers are making significant personal and financial sacrifices to save for a deposit, with a majority reporting a negative impact on quality of life. The article also notes that the Government has announced a new first-time buyer scheme, with further details expected in the upcoming Budget.
Why it matters
Surveyors involved in residential sales and valuations should be aware of continued affordability pressures affecting first-time buyer demand and purchasing behaviour. Any new government support scheme could influence market activity, buyer sentiment and transaction volumes.
Key points
- 61% of first-time buyers said saving for a property had a negative impact on quality of life.
- Many are delaying major life decisions, including career moves, marriage and starting a family.
- 73% spent at least three years saving for their first home, and 17% spent more than a decade.
- 46% committed more than 20% of monthly disposable income to saving for a deposit.
- The Government has announced 'Your First Home', with more detail due in the Budget.
Organisations:
Yopa, The Government
Regulations:
Your First Home
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