Over a third (35%) of households would consider moving out of the area they grew up in and into a more affordable area so they’re able to get on the property ladder, a recent study conducted by Money Expert has revealed.
Research from the Skipton Group, compiled by Oxford Economics, revealed that the overall affordability score for buying a house in the UK is 22 out of 100, and that only one in eight renters can afford to buy a home in the area they live in.
Soaring rents, living costs and mortgage rates are leaving many households around the country struggling.
With this in mind, the survey was commissioned to find out more about first-time buyers, such as whether buying a home was still a priority and how they plan to make buying a home more affordable.
Earnings have not kept up with house prices either. According to a report by the Building Societies Association, buying a home requires two above-average incomes, meaning it’s becoming increasingly difficult for first-time buyers.
36% were concerned about the lack of affordable housing available for first-time buyers.
While the ability to save for a deposit – without any help – is preventing 14% from getting onto the property ladder.
Shockingly, only 6% of people had no concerns whatsoever when it comes to the affordability of buying their first home.
Liz Hunter, commercial director at Money Expert, said: “Despite the financial strain faced by many households, homeownership remains a significant aspiration for many.
“However, the escalating cost of living and rising interest rates have made this goal increasingly difficult to achieve.
“It’s great to see people getting creative and trying different things, like saving with friends or family, moving to a cheaper area, or considering a smaller property, which can all make home ownership more attainable in today’s challenging market.
“Although it’s a shame people are being priced out of areas they grew up in.”
She added: “Nevertheless, the Government must acknowledge the growing affordability crisis and take decisive action to support first-time buyers.
“This includes increasing the supply of affordable housing, expanding government assistance programs, and implementing policies that promote sustainable homeownership.
“With the recent change in government, there is hope that these measures will be prioritised and implemented to help individuals realise their dream of owning a home.”
