Report reveals stress of buying process on FTBs

A recent study has revealed the negative impact that getting on to the property ladder is having on first-time buyers.

According to Aldermore’s First Time Buyer Index, 35% of those trying to get onto the property ladder have been ill with the amount of stress the process has caused. For just over a third, housing stresses were felt on a much more emotional level, with 34% stating that the process had led to problems in their relationship. Alarmingly, two out of five respondents felt that they had to rebuild their lives following the adjustments they had made in order to purchase a home.

Given the problems that many prospective buyers have to face, the stress-related statistics become less surprising. The research indicated that 27% of first-time buyers were forced to delay their purchase by over two years, with 17% taking at least three attempts before they were able to buy.

The buying process, in general, was viewed as the biggest problem, with one in ten respondents claiming it had been their greatest challenge. Obtaining a mortgage fell just below this, with 9% stating that it had been their biggest obstacle in getting onto the property ladder whilst 8% cited the length of the buying process itself to be the main problem.

First-time buyer respondents who took part in the research were also asked about their opinions on the best ways to improve the buying process and ease access to the property ladder.  Whilst 34% stated that the whole procedure needed to be simplified, just under a third stated that the price of housing needed to be addressed. 30% also highlighted the availability of better mortgage products as the best way to improve the buying process.

Although many felt that getting onto the property ladder had been a challenging experience, that’s not to say they thought it lacked positives. For 70% of first-time buyers asked, homeownership has enabled them to feel financially in control, whilst 73% also felt that they’d reached adulthood when they finally got the keys to their first home.

Commenting on the research was Charles McDowell. The Commercial Director of Mortgages at Aldermore drew attention to the need to address the current market issues in order to improve access to the property ladder.

“Our latest quarterly first-time buyer index reveals the issues recent first-time buyers have faced when getting on the property ladder and the impact this is having on their day-to-day lives. Buying a first home is an empowering experience and can provide financial control, but our research shows the sacrifices being made by first-time buyers to reach that first rung of the property ladder are negatively impacting their health and personal relationships.

“The affordability ratio has doubled since 1972, demand is currently outmatching supply, and these difficulties are directly impacting first-time buyers’ wellbeing. First-time buyers are the driving force of the property market, but they are currently being priced out. More needs to be done to tackle these issues to ensure they have the best opportunity to buy their dream home.”

 

 

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