Based on our household survey, over 1.2 million households aspire to purchase property, 88% are looking for Owner Occupied, 12% Investment. At the moment 33% are actively saving, hoping to buy sometime in the future. The biggest barriers which are stopping them purchasing is that prices are too high (45%), the costs of living (18%) and fear of employment (13%). Only 5% were expecting to transact within the next 12 months, indicating that the majority are currently disenfranchised from the property market, despite the fact that 87% expect house prices to rise over the same period.
Our survey identified about 239,000 households who are First Time Buyers. The majority are seeking to purchase an Owner Occupied property (91%), the remainder preferring an Investment Property. Only 21% of these households expect to transact within the next 12 months, despite 91% believing house prices are set to rise in the same term.
The biggest barrier to purchase are high house prices (43%), fear of unemployment (22%), finding the right property (12%) and rising costs of living. (11%). In terms of financing 45% of households will need to borrow more than they can currently obtain to transact, whilst 56% of households will consider using a Mortgage Broker to assist with the finance arrangements.