Ahead of the budget today, the biggest task facing the Government is addressing the cost-of-living crisis, says Leeds Building Society.
In a recent survey, the Society found that concerns around the cost of living were widespread, with many respondents stating they have been impacted in significant ways by the ongoing crisis.
A staggering 81% of aspiring first-time buyers said that the cost-of-living crisis has made it harder to save for a deposit.
Moreover, 49% now doubt they’ll ever get on the ladder.
While some 60%Â of those planning to buy their first house in the next five years have delayed their purchase, by 18 months on average.
Additionally, 36% of those surveyed have reduced the amount they’re saving for a deposit and 10% have stopped saving altogether
66% put this down to the rising cost of living.
Furthermore, 69% of would-be FTBs are worried they won’t now qualify for a mortgage, 73% are worried about the availability of deals, and 68% are worried that even if they got a mortgage, they wouldn’t be able to afford the repayments.
These worrying statistics come ahead of Chancellor Jeremy Hunt’s autumn fiscal statement today, which is expected to unveil sweeping tax rises and billions in spending cuts.
