First time buyers are having to wait longer than hoped in in order to buy their first property, Clydesdale and Yorkshire Banks have said.
The Banks’ Annual First Time Buyers Survey found that 65% had to wait longer than they hoped to move into their dream home, while only 8% managed to become a homeowner quicker than planned.
The figures show a slight improvement on the previous 12 months when 68% had to delay getting on the property ladder, however the largest percentage (17%) of those who are unable to meet their home ownership deadline are waiting between one and two years longer than planned.
The challenge to get on the property ladder means that the majority of new homeowners plan to stay in their first property for a number of years. The largest percentage (21%) plan to stay for between four and five years with 19% having no intention of moving from their home for nine to 10 years.
In both the Midlands and the North East the largest percentage plan to stay in their first home for between nine and 10 years in comparison to London, South West and Wales where the highest number aim to keep the keys to their first home for between three and four years.
Steve Fletcher, director of retail banking, said: “Clydesdale and Yorkshire Banks have extensive experience of helping first time buyers get onto the property ladder and we know how difficult it can be to buy your first home.
“It is positive that our research shows that there is a small improvement on the previous year, however almost two thirds of first time buyers still face challenges in meeting their own timescales for being a homeowner.
“We remain focused on supporting first time buyers and helping to make their dream of owning a home a reality. Whether it is saving a deposit or finding the right mortgage to suit individual needs and circumstances, Clydesdale and Yorkshire Banks can help throughout the process of becoming a homeowner for the first time.”
