18th May 2015
While getting onto the property ladder is widely accepted to be an arduous task, it seems first time buyers are now waiting even longer than they originally planned to make that all-important step.
The Clydesdale and Yorkshire Banks Annual First Time Buyers (FTB) Survey found that almost two thirds, at 65%, had to wait longer than they hoped to move into their dream home, while just 8% managed to become a homeowner quicker than planned.
The figures show a slight improvement on the previous 12 months when 68% had to delay getting on the property ladder, however the largest amount, at 17% of those who are unable to meet their home ownership deadline are waiting between one and two years longer than planned. But notably 6% had to wait more than five years longer than they had anticipated.
The challenge to get on the property ladder means that the majority of new homeowners plan to stay in their first property for a number of years. The largest percentage of respondents, at 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.
Steve Fletcher, director, retail banking, said: “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 homeowner.”