The Building Societies Association recently carried out a survey that showed that 55% of people think now is not a good time to buy a property. This figure is a rise from 51% in March this year.
This is also borne out by new figures from the CML showing that just 35% of first-time buyers took out contractor mortgages in April.
Job security is the greatest barrier to home ownership according to 55% of the respondents. 53% of those surveyed cited problems in saving the requisite deposit.
Consumers on the whole do not think that there is one specific solution to the problem. Rather they believe that the government could introduce a variety of measures to promote home ownership.
Out of the various reasons cited, a clampdown on empty properties came out top at 36%, 33% believe stamp duty should be removed, or at least reduced, and 32% would like to see the financial institutions make increased funding available. More than a quarter of those surveyed also want to see the house buying process simplified and first-time buyers given more help when it comes to saving for a deposit.
Despite this, it is now cheaper to buy a property in the UK than rent one. At least that is true in all areas except London, according to Santander.
Excluding the London figures, average monthly rental payments in the UK are now slightly over £420 whereas the average monthly mortgage repayment for a first-time buyer is just £334. That equates to a monthly saving of around £86.
In London however, where average house prices are much higher, first-time buyers need to pay nearly 50% a month more to buy a home instead in renting.
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