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

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

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.”