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Barriers falling for UK home buyers

Barriers falling for UK home buyers

 



Video transcript

Barriers to UK homeownership are falling all the time - this is the conclusion of the latest Property Tracker update from the Building Societies` Association, also known as the BSA.

Housing market sentiment continues to improve across the country, as more  people than ever are hoping to take that first leap on to the property ladder in the current market.

Overall, the BSA`s December 2015 Property Tracker showed that raising a deposit has been the single greatest barrier to more people purchasing a home since 2010, but now just 52 per cent of home buyers see this as a significant hurdle to overcome.

This is down from 59 per cent in September 2015 and from a high of 69 per cent in September 2011.

At the same time, the proportion of people that say access to finance is an issue that is holding them back from making a purchase has fallen from 41 to 38 per cent during the last three months.

Those that see the affordability of monthly mortgage repayments as a major hindrance in their homeownership plans has also fallen from 35 to 33 per cent over the same period, while the number citing a lack of job security as an issue that is putting off buyers is now at 26 per cent, down from 28 per cent.

Responding to the results, head of mortgage policy at the BSA Paul Broadhead argued that improving market sentiment is being witnessed in the wake of the government`s ongoing efforts to bolster house building across the UK, as well as improving awareness of schemes like Help to Buy.

However, he noted that while sentiment continues to improve across the country, the government must maintain an appropriate level of investment in associated infrastructure, ensuring that the long-term imbalance of housing supply with demand is addressed in the coming years.

It will require the introduction of innovative new mortgage products and a focus on `intermediate forms of tenure ... by all lenders` in the years ahead, he stated. 

`This will go some way to delivering a sustainable housing market, which caters to the needs of a wide range of creditworthy consumers, not just those with `vanilla` borrowing requirements,` the BSA chief concluded.

Overall, the results of the latest Property Tracker update point towards an ongoing strengthening of the UK housing market, with buyer attitudes improving and access to appropriate and sensible borrowing increasing all the time. 

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