The latest first-time buyer barometer from Your Move/Reeds Rain reveals that the home owning aspiration gap has reached an all time high.
Over 93% of tenants wish to be homeowners, however only 6% expect to secure their own home in the next 12 months.
As property prices continue to boom, 44% of tenants blame lack of affordable, first-time buyer homes as the main reason why they cannot get onto the property ladder. Constructing new homes in the UK seems key to sorting out soaring property prices, but only 17% of tenants are optimistic that the government can address this problem. The UK lags way behind other countries in Europe when it comes to building new homes.
Lack of housing and booming prices are also having a negative affect on first-time buyer transactions which fell by 15% on a three month basis, but those who could secure a mortgage have benefited from having to pay a lower deposit and historically low mortgage rates.
Source:Your Move/Reeds Rain