For first-time buyers getting on the housing ladder still remains one of the most important factors in their lives and they are willing to make sacrifices in order to establish their dreams.
According to a new survey by Your Move and Reeds Rains, first-time buyers are willing to make several concessions in order to achieve that all allusive first time buy. Which includes moving into a property that doesn’t have electricity – as according to the survey one if five would consider this, with a similar amount of buyers anticipating moving into a place without plumbing, just to secure their first property.
In comparison to the sacrifices buyers are prepared to make before buying a new home, moving into a property with dated wall paper and a shoddy kitchen doesn’t seem much of a forbearance, with three quarters of those people surveyed stating that they would still buy a house if work was needed to bring it up to date.
However mortgage lenders are less enthusiastic when it comes to considering mortgage applications for properties that do not have electricity or plumbing, and applications will normally be refused if this is the case.
Despite all of these concessions for many, buying a first property even with making serious sacrifices, still remains out of the reach for many hopefuls. The survey also revealed that only half the amount of people who were surveyed a year ago now expect to secure their first property, with only 8% of the 14% who were asked in June 2014 now still considering buying a house as an option.
If you are considering buying a property then why not pop into your local branch of Intercounty or alternatively give our team a call on 0844 8111 090*
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