Research has shown that 37% of all those who wish to move up the property ladder within the next 5 years think the pandemic has hampered their ability, as new research has proven.
Survey results showed that 76% of potential buyers who were surveyed felt the Covid pandemic as well as the steep rise in prices over the past year had adversely affected their plans.
The research by Latimer – the development arm of Clarion Housing Group – also suggested that a purchase or move had been delayed by at least three years for a fifth of potential buyers.
76% of the 2 000 potential buyers that were polled said the pandemic had adversely affected their plans.
A further 21 percent of 18-24-year-olds believe they can afford to deposit a money without the Bank of Mum and Dad.
Therefore, it is not surprising that 47% of respondents said that young people are no longer able to access the housing ladder.
Due to the Pandemic 2020 pandemic, the market for property was temporarily closed down for two months. This led to many predictions that the house price would fall.
Now, fast forward to the year 2021. The past twelve months saw a boom of property purchases. A stamp duty holiday has ended and house prices have soared amid a lack of houses for sale.
Nationwide Building Society says the average house price has risen by around 10 per cent during the past year to £250,011.
Latimer stated that first-time home buyers have to make larger deposits in order to be able to purchase a property.
Clarion Housing Group founder Richard Cook said that while there’s a strong demand for new houses, prices are rising and some buyers might be even farther away from their goal of buying a house.
“We don’t want a society where young people think that owning a home is too difficult.”
Latimer conducted a study to find out what homebuyers are seeking in their new homes. Outdoor space ranked top of nearly half – at 46 per cent – of buyers’ property wish lists while almost a quarter – 24 per cent – said living in a city is less important to them now.
Although renovations are on the rise, 44% want to buy a ready-to-live in home. Only 28% of those surveyed said they lack the necessary skills or knowledge to remodel a property.
Research found that 21 percent of people aged between 18 and 24 years say they can’t afford to make a deposit without assistance from the Bank of Mum and Dad.
According to Royal Institution of Chartered Surveyors, prices continued to rise last month due to a lack of supplies.
It was claimed that average estate agents now only have 37 properties, down from 42 in March.
According to the survey, a fifth of respondents reported that there was a decline in new property listings.
Quarter of those polled said they expected price increases to continue for three months. However, 69% predicted that the value of the property would increase over the following year.
