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Biggest barrier to homeownership is earnings

Jake Carter

June 4, 2021

barrier

The biggest barrier to homeownership is earnings, cited by 31% of those surveyed, according to data collected by Money.co.uk.

However, this has fallen by 4% on a monthly basis.

Money.co.uk surveyed 2,108 people across the UK about their intentions of buying a property in the next month.

Deposits followed as the second greatest barrier at 26%, and mortgage availability at 25%; nevertheless, both of these barriers have declined month-on-month, dropping by 6% and 3% respectively.

The hassle of moving (22%), interest rates (17%) and having too many outgoings (17%) were other impediments cited by respondents.

Overall, Brits were found to be more reluctant to move compared to the previous month, with only 37% of people saying a drop in house prices would accelerate their plans, compared to 44% last month.

Children leaving home was the only factor that has increased month-on-month, with 10% saying it would speed up the process, compared to 8% in May.

There were also more people who have said nothing could make them consider moving sooner – with 14% of respondents confirming this is the case.

Only 16% of Brits feel motivated to buy a property faster due to the stamp duty holiday.


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