Rising living costs ‘forcing first-time buyers to delay home purchase plans’

Rising living costs ‘forcing first-time buyers to delay home purchase plans’
Nearly nine in 10 said their ability to save for a deposit has been affected by the rising cost of living, according to Nationwide Building Society.

Seven in 10 (70%) potential first-time buyers looking to buy in the next year or two have decided to delay their purchases as rising living costs hit their ability to save, according to a survey.

Nearly nine in 10 (88%) said their ability to save for a deposit has been affected by the rising cost of living, Nationwide Building Society found.

People were most likely to say this in Wales and Northern Ireland (98% in both parts of the UK) and in Scotland (93%).

Building a deposit remains the single biggest barrier to homeownership today

Paul Archer, Nationwide Building Society

The area where people were least likely to say this was London, but the figure there was still 82%.

Of the main problems noted by people about buying a home in the area where they live, nearly three in five (57%) said it was high house prices, while 43% said rents were too high to be able to save.

Nearly a quarter (24%) said their area had a competitive housing market, while the same amount (24%) cited a lack of homes on the market.

Around seven in 10 (69%) said they would be willing to relocate to another part of the UK to get more for their money.

Nearly half (47%) are reducing their everyday spending and 43% are cutting back on going out or eating out.

Paul Archer, senior mortgage manager at Nationwide Building Society, said: “Building a deposit remains the single biggest barrier to homeownership today, with many people starting out facing a long uphill battle to save. The rising cost of living has made this even harder.”

More than 2,000 prospective first-time buyers were surveyed.

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