First time buyers wait longer than expected to get on property ladder

clydesdale-bankFirst time buyers are having to wait longer than planned to take their first step onto the property ladder, according to new research from Clydesdale and Yorkshire Banks.

The Banks’ Annual First Time Buyers (FTB) Survey found that almost two thirds (65 per cent) had to wait longer than they hoped to move into their dream home, while only 8 per cent managed to become a homeowner quicker than planned.

The figures show a slight improvement on the previous 12 months when 68 per cent had to delay getting on the property ladder, however the largest percentage (17 per cent) of those who are unable to meet their home ownership deadline are waiting between one and two years longer than planned.

  % of respondents
Had to wait longer 65 per cent
As expected 27 per cent
Less 8 per cent

How much longer did you have to wait?

% of respondents
Up to 6 months more 14 per cent
Up to 1 year more 12 per cent
1 – 2 years more 17 per cent
2-3 years more 7 per cent
3-4 years more 5 per cent
4-5 years more 4 per cent
More than 5 years more 6 per cent

Steve Fletcher
Steve Fletcher

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 per cent) plan to stay for between four and five years with 19 per cent having no intention of moving from their home for 9 to 10 years.

Steve Fletcher, director, retail banking, said: “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.”