First-time buyers try before they buy
A third (35%) lived with their family before getting on the housing ladder, while one in 20 (6%) moved back into their family home after renting to save for a deposit.
Steve Fletcher, head of Clydesdale and Yorkshire Banks retail network, said: “We know that first-time buyers face a number of pressures and challenges and are focused on providing support throughout the process from helping to save for a deposit to finding the right mortgage to suit different needs and budgets.
“Clydesdale and Yorkshire Banks are offering first-time buyer mortgages with a 5% deposit and we are proud that we were one of only a handful of lenders who continued to support this market throughout the economic downturn.”
Last year’s survey revealed that two thirds (67%) of first-time buyers had to wait longer than planned to buy.
The majority (56%) felt under pressure to get on the property ladder, especially amongst former renters (62%).
Almost two-thirds (65%) of first-time buyers in London felt the burden of trying to buy compared to just 37% in the North East.