The number of potential first-time buyers keen to get a foot on the property ladder has almost doubled since last year. According to Woolwich’s first-time buyer report, 43% of respondents cited the desire to get a foot on the property ladder as the most important reason for buying a house, compared with 29% last year.
Andy Gray, head of mortgages at Woolwich, said: ‘A desire to get on the property ladder has overtaken other motivations for buying your first property, such as moving away from parents, escaping renting, or settling down with a partner.’
Almost a third of first-time buyers were fed up with renting and wanted to use their money for a long-term investment rather than rent, but young adults living with their parents seem more inclined to stay put compared with last year. Only 16% wanted to leave their parents’ home to buy their first home, compared to 23% last year.