Aspiring first time UK buyers could own their own property within months

Aspiring home owners in the UK currently renting a home could buy their first property within just months according to a new piece of research.

The findings from a recent survey by house builder Linden Homes found that the average tenant spends £6,716.31 per annum on their rental costs working out at £559 per month, an amount that could be saved to put towards a deposit to buy a property.

A recent government housing survey found that Bank of Mum and Dad continues to be relied upon with 27% of young adults relying on family and friends for help with a deposit to an average amount being lent or gifted of £16,000.

Findings from the survey commissioned by the top five housebuilder revealed that 18% would find other ways to fast track saving by living with family or friends.

‘Rental costs mean that generation rent continue to feel trapped in the cycle of paying into someone else’s pocket so it’s no wonder then that renters aspire to be free of that burden,’ said Tom Nicholson, divisional chairman east at Linden Homes comments.

‘However, with the additional help of schemes such as Help to Buy, home hunters only require a minimum of 5% deposit of the home’s value to qualify for a mortgage. Based on a minimum 5% deposit of £10,450 using Help to Buy on an average home priced at £209,000, home owners could be paying as little as £570.79 per month,’ he pointed out.

It also emerged, from the survey that 40% of renters have been renting for nine or more years. Regardless of this lengthy time in rent, some 57% feel that it is very important to own their own home. However, despite this ambition 30.75% of those surveyed don’t believe they will be a home owner in their lifetime.

Those renting also cited their dissatisfaction with their current property. Over 50% said they are not happy with renting and when asked how they felt about their current rental property, outlined multiple negativities.

Some 15% said that the property doesn’t suit their taste, 25% said it is too small and 16% said there is too much wrong with the property. In addition, 26% of renters feel restricted that they can’t decorate the rental property as they would if it was their own and 31% of all renters feel like renting is a waste of money.

‘Buying your own home is an exciting time, especially when you have been in rented accommodation for a number of years and perhaps felt restricted in your rental property. When owning your own home you can look forward to decorating the space with your own individual taste to suit your lifestyle and interests. For most, the biggest advantage of all is that you will be paying off your own mortgage rather than someone else’s,’ said Nicholson

‘The recent lowered mortgage rates are also a positive step towards making home ownership more achievable. These lowered rates, in addition to schemes such as Help to Buy make it a good time for buyers to get onto the ladder,’ he added.