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UK first-time buyers not alone in struggle to afford homes
A global survey has revealed that house prices are making the market difficult for first-time home buyers in numerous nations, according to 79% of European respondents.
The ING International Survey On Homes And Mortgages gathered responses from almost 15,000 people in 15 different countries, discovering that four out of every five Europeans feel it is increasingly challenging to become a homeowner.
This figure was higher in the UK alone, with 89% of people lacking confidence about getting into the market for the first time. This, of course, means that it can be harder for sellers to find homebuyers – and especially quick buyers – for particular types of home.
According to the study, UK house prices increased at a rate of eight times the European average between the start of 2014 and the same period in 2015, at a total of 8%.
It also revealed that many homeowners believe society would benefit if house prices were to fall, with 69% of Europeans feeling housing is unaffordable for lots of people. Meanwhile, 75% of British rental tenants said they’d feel more able to buy a home if prices were lower.
“Across the continent and in the US and Australia, consumers hold the view that first time-buyers are at risk of having the door to home ownership slammed in their face,” said Ian Bright, a senior economist at ING, reported by the Express & Star.
“The burgeoning economic recovery across the continent comes into play here. This will improve people’s lives in many ways but the ING International Survey shows something needs to be done if the next generation is to benefit from bricks and mortar.”
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