Startling regional differences are acting as barriers to those looking to step onto the property ladder for the first time, according to Coventry for intermediaries’ first time buyer market research.
The Society’s research shows that first time buyers in certain areas of the UK are finding it more challenging to secure a mortgage than others. Over two-fifths (41%) of first time buyers in the North East say they are finding it difficult to secure a mortgage; a stark contrast to the South West, where 18% of homebuyers report these difficulties.
In the South East, where house prices are over 20% higher than the national average of £282,000, nearly a third (30%) of first time buyers also reported that they have found it difficult to get on the ladder.
London’s homebuying landscape presented its own story, with 87% of first time buyers in the region reporting that the current economic climate has prompted them to delay their home purchase – higher than any other region. Jonathan Stinton, Head of Intermediaries at Coventry for intermediaries commented:
“Our research suggests that many first time buyers are continuing to face difficulties securing a mortgage, in some cases delaying their plans to step onto the ladder. The reasons behind these challenges are different from region to region, influenced by factors such as varying house prices, upfront costs, mortgage products and economic conditions that can impact affordability and financing options.”
Wherever first time buyers are looking to step onto the ladder, brokers are the ones who can give valuable support and guidance. Understanding the different challenges buyers face in different parts of the country, and helping them to navigate the property market, will both help brokers to grow their client base, and ensure that borrowers are getting the best possible outcomes.”
One Response
How is this a legal issue?