Would-be first time buyers in Scotland and the East Midlands are more confident about getting on the housing ladder than those in other parts of the UK, new research has found.
Overall just 32% of aspiring first time buyers believe they will be able to buy a home on their own but this rises to 45% in Scotland 45% and 41% in the East Midlands, according to the research from the Nottingham Building Society.
The study also found that overall 58% say they need to be part of a couple to get their first home while 9% aim to buy with friends or family. Men are more likely to be buying with friends or family than women with the figures showing that 10% of male first timer buyers expect to move in with friends and family compared with 6% of women.
It also looked at concerns among first time buyers and although number are rising, the research found that 43% of would-be first time buyers have delayed getting on the housing ladder because of concerns about the impact of Brexit on house prices.
The average first time buyer expects to spend nearly £211,500 on average for their property and to need a deposit of £44,000. They believe the deposit they need will be equivalent to 64% of their combined annual salary.
‘For most, buying as a pair is a result of taking that next step with your partner. However, considering the high deposits needed and the house prices buyers face, for some going halves is the only option to get on the ladder, so it’s a positive trend to see so many with the financial ability to go it alone,’ said Ben Osgood, Senior Manager for Nottingham Mortgage Services.
‘Everybody’s circumstances are different and getting advice on whether your deposit is enough, what loan to value you need and which mortgage best suits your needs, can make all the difference to first time buyers. Not only does it lead to a greater understanding of your options but also peace of mind you have the right product,’ he explained.
‘Although lenders and the Government are doing a great deal to help first time buyers, it is still a major undertaking raising the cash for your first home so it makes sense to take advantage of all the support and advice available,’ he added.
