fish4homes reveals the quandaries Brits face over buying or renting in the UK
A survey from fish4homes (www.fish4homes.co.uk ) can reveal that Brits are still eager to get onto the property ladder despite the current economic climate, but are prepared to be patient rather than rushing in to pick up a bargain.
Out of those surveyed 56% own a property in the UK, with 52% of those home owners having bought their first property between the age of 21 and 30 years.
Of those who do not own a property in the UK right now, 25% are staying with family, and 66% are renting, and the rest are in the process of buying. The majority hope to purchase their first home between the age of 31 and 40 years.
When it comes to finding the deposit for the first property, 23% of those surveyed found the deposit themselves, 23% split the deposit with a partner, and 21% received help from their family. And despite the stamp duty threshold increasing to properties over £175,000, 77% of those surveyed still agree that it is much harder to get on to the property ladder than it was 2 years ago mainly due to the difficulties in getting a mortgage agreement. Interestingly out of those surveyed 15% said that they will not buy in the UK and 10% wanting to buy abroad.
Stewart Black, Head of Sales fish4homes comments “In previous years more people were in a position to buy properties in the UK as the market was more buoyant and the economy more stable so mortgages were easier to get and people had less to fear when embarking on their first buy. This year we have seen a drop in the number of people buying and selling homes. However, with the forthcoming changes regarding stamp duty, it will be much easier for first time buyers to get onto the ladder”. He adds “It is not a bad thing to wait for the right property at the right price, and there are plenty of homes available to rent to bridge that gap. Many people who own properties are hanging on for a little longer before putting their property on the market with the hope that the prices will stabilise”.
Lisa Martin, PR Manager Leaders Group Limited adds” At this time renting is an ideal solution, giving people flexibility to watch the sales market. There is an excellent choice of quality rented accommodation available right now including large luxury houses. The other bonus of renting is that you are not responsible for repairs and maintenance!”
As part of the research, fish4homes identified the most popular areas in the UK that people would like to move to and the South East came out top with over 54% of the votes, closely followed by Yorkshire and Humberside (13%), East Anglia and Essex (6%), South West (6%), and Home Counties (5%).
On the fish4homes site there are tips and advice to help people when looking to buy or rent a property, and to add to this we suggest the following 5 tips to help you get onto the ladder for the first time: