FTBs wait for spouses to buy houses
According to the lender’s movingimproving index, 28 per cent want to wait, with 39 per cent of these believing buying a home together is a symbol of their love and commitment.
However, unmarried couples who are already renting together are less likely to believe this, with 14 per cent saying they do not want to buy a home with their current partner.
Stephen Leonard, director of mortgages at Alliance & Leicester, said: “It seems that bricks and mortar are on the way to becoming the new marriage vows, with single people even wanting to delay buying their first property until they have found ‘the one’. However, those who are already living together seem to disagree and would prefer to keep their first property to themselves.”
The continuing popularity of buying a home among potential FTBs remains high, with 38 per cent saying they wanted to buy property.
However, getting onto the property ladder still remains a challenge for many FTBs, and 23 per cent have to turn to their parents for financial assistance.
Leonard believes lenders are doing more to help FTBs. “More and more lenders are moving towards assessing how much people can afford by looking at their individual financial circumstances as opposed to more old-fashioned income multiples.”
However, Daniel Clayden, director of Clayden Associates, believes lenders are in a difficult position.
“Obviously it’s a difficult situation for lenders as they are caught between a rock and a hard place. If they open up their lending criteria, they will be criticised by some for being irresponsible but realistically, to encourage FTBs, there needs to be a drastic overhaul as they don’t go far enough.”