23.1 C
New York
Wednesday, July 24, 2024

Seven in ten first-time consumers assured of getting on the property ladder

Seven in ten first-time consumers assured of getting on the property ladder

These seeking to get the keys to their first residence at the moment are extra assured about their capacity to purchase in comparison with earlier this yr, a excessive avenue lender reveals.

Analysis from HSBC revealed that just about seven out of ten people who find themselves hoping to purchase their first residence within the subsequent 12 months at the moment are extra sure of reaching that objective, in comparison with findings at the beginning of the yr.

The explanations behind the shopping for determination have been diverse, with simply over a fifth of first-time consumers saying that it’s cheaper than renting.

Gaining extra independence was the subsequent hottest motive to purchase with 20% saying this was their major motivation.

Monetary safety (17%) and offering for his or her household (14%) have been the subsequent two hottest causes to buy their very own residence.

One in 9 stated the primary motive was in utilizing their first residence as an funding.

Regional variations

The extent of confidence diverse by area. First-time consumers in Wales (64%) and Yorkshire and Humberside (63%) have been most assured of having the ability to afford a brand new residence.

The degrees dropped to 53% within the North East and Northern Eire, and 52% within the East Midlands.

Discovering a mortgage supplier

Utilizing an adviser was the most well-liked solution to obtain details about the mortgage market, with 41% taking the dealer route. Slightly below a 3rd went on to a mortgage supplier web site, whereas 28% used comparability websites.

When it got here to choosing the lender of alternative, price was the primary driver (32%). Subsequent got here a suggestion from a dealer or adviser (31%), whereas 26% opted for a model that had gained their belief.

Simply over a fifth stated they selected a lender as a result of they have been already banking with it.

A suggestion from household or mates was the least fashionable motive for selecting a supplier with simply 11% taking this feature.

‘Shift in angle is reassuring’

Andrew Matson, head of mortgages at HSBC UK, stated: “It’s encouraging to see extra optimism amongst first-time consumers.

“The primary half of this yr has been difficult, however the shift in attitudes is reassuring and highlights the resilience of the housing market.

“Whereas we don’t have a crystal ball to see what the longer term holds, it’s pleasing to see the constructive sentiment operating all through our analysis and we’ll proceed to lean in to assist assist our clients.”

Related Articles


Please enter your comment!
Please enter your name here

Latest Articles