The ongoing cost-of-living crisis has caused widespread financial misery for millions of households and prospective homeowners alike. Yet, despite continuing financial headwinds, the majority of first-time buyers haven’t given up, with a reported 75% still actively on the lookout for their first home.
In a survey of 1,000 first-time buyers conducted by The Media People, 66% of renters still believe that they will one day own a home of their own. This is in spite of a challenging buying landscape, which has made some homebuyers fear that their dream home was out of reach.
It also emerged that 75% of first-time buyers are still committed to getting their first set of house keys in 2023.
Those in Wales (82%) and East Anglia (79%) are the most confident about landing that dream home, while 75% of Londoners can see a new home in the not-too-distant future.
Meanwhile, the remaining 25% are waiting to see how mortgage rates play out, and putting their plans on hold for a maximum of 6 months.
First-time buyers might be hopeful of buying their first property, but how well are they saving? On average, first-time buyers are putting between 10% and 15% of their monthly salary towards their deposit, adding up to an average of £285 a month.
This varies from region to region – people in the West Midlands saved the least at £211 per month, Londoners managed to stow away up to £311, and the Southwest saved the most at £322 per month.
The study also revealed that awareness of Help to Buy had dropped 18% YoY amongst those aiming to buy in the next 18 months.
On the other hand, the number of people who have heard of Shared Ownership has grown to 39% among those looking to buy, suggesting that it is becoming the most consistent scheme available to first-time buyers.
So where does that leave us? All signs suggest that first-time buyers are yet to dash their hopes of getting onto the property ladder.
A spokesperson from Shared Ownership Week added: “The cost-of-living crisis has forced many aspiring homebuyers to rethink their route to the housing ladder, but it hasn't dampened their dreams of home ownership.”