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Average homebuyer waits 3.6 years

Ryan Fowler

March 24, 2014

Despite more than half of UK adults considering a house move or getting on the property ladder, 63% feel they are unlikely to buy their dream home in the next 12 months.

Over two in 10 of Brits are worried they may never afford to buy a house or move, with high house prices cited as the main barrier.

Nearly three in 10 of 18 to 24 year olds and 25 to 34 year olds feel they will never be able to afford to buy a house or move, while a quarter of 35 to 44 year olds have the same fear.

And some 15% think they are unlikely fulfil their house plans within the next five years.

Ben Wilson from Gocompare.com Home Insurance, said: “Low interest rates and improved confidence in the economy are creating potentially ideal conditions for the housing market.

“However, our survey suggests the high costs associated with buying and moving home, together with the requirement to put down a bigger deposit, are preventing many people from realising their property dreams.”

When asked what the biggest obstacle is in buying, 16% reported the cost of buying/moving, the same proportion cited house prices in their chosen area, while 15% cited the cost of running a house.

And 14% also felt raising a deposit was a significant obstacle, while 10% said uncertainty about job security.

People living in the North East have been waiting an average 4.3 years, followed by 4.2 in the North West and South West.

Regionally London has the most residents considering a house move, at 62%, followed by the South East at 57% and North West at 51%.

Some 44% of Londoners said they are most likely to move in the next 12 months, followed by 42% of people living in Yorkshire and The Humber and 40% in Scotland.


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