People in Yorkshire and the Humber worried they can’t afford their own home

terraced houses

Published: Tuesday 7th April 2015 by KCFM

Comments (0)

New buyers are struggling to cope with property prices, deposit sizes and low wages.

The Generation Rent Report says almost three quarters of non-homeowners in Yorkshire and the Humber, are worried they’ll never be able to afford their own home.

Craig Mackinlay from the Halifax bank, says we aren’t building enough new homes:

“There’s definitely an issue with house-building. I don’t think we are building nearly enough. We think we would ideally build between another sixty or seventy thousand homes a year. The perception and the feel-good factor isn’t there, and the people who aren’t on the housing ladder are still very worried.”

He says even though more people are managing to buy homes, people are still feeling insecure:

“There’s a real disconnect between perception and reality. We’ve seen increasing numbers of first-time buyers in the last two or three years, and 300,000 across the UK. In Yorkshire, 49% of people are homeowners aged between 20 and 45, which is the highest in the country.”

Craig says help for first time buyers is critical:

“Last year I think there was about 80,000 people took a help to buy mortgage, that is a 5% mortgage which is obviously really helpful for first time buyers. We know one of the key concerns is raising the deposit and obviously having to get a 5% deposit rather than a 10% deposit is a big help.”

article provided by KCFM banner 2

Published: Tuesday 7th April 2015 by KCFM

Comments (0)

Local business search