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Property: Buying a property THIS way may now be the only way to get on the housing ladder

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Sat 14 Jul 2018

Property: Buying a property THIS way may now be the only way to get on the housing ladder

Getting on the property market can be tough, with mortgages often hard to get and many being priced out of the market altogether. New research has revealed that a shocking third of people who aren’t on the property ladder, don’t believe they will ever get on it without any help. Many of the 2,000 people surveyed thought that the only way becoming a homeowner would be possible is by buying with a partner.

A shocking 31 percent of people think they will only be able to buy a home for a couple. While 10 percent believed they will never be able to buy a property altogether. 

The research by Skipton Building Society showed that those surveyed believed it would take around five years for them to own a home. When it finally came down to buying a property, potential homeowners also revealed their property must-haves.

Property location came out on top, with living near shops the top scorer. Also related to location, living near to family or work came in a close second.

The survey also showed potential buyers biggest turn-offs when it came to purchasing a property. On the other end of the scale, the biggest turn off for would-be-homeowners would be a property not being clean.

Other concerns included poor internet speed and not having an outdoor space or scenic view. The survey also found that 26 percent of potential buyers found estate agents showing them unsuitable properties frustrating.

On top of turn ons and turn offs, the study also asked people who have purchased a home about their decision-making process.

A quarter of participants said their decision was based on “gut instinct”.

Around 8 percent of people also said that they let their partner make the final decision. Kris Brewster, head of products at Skipton Building Society, said: "A property choice is the biggest financial decision most of us make in a lifetime and, understandably, people want to get it right the first time."

For those looking to sell instead of buy, there are a few surprising factors that the millennial market look for when buying.  New essentials for those buying properties include a good wifi connection and lots of plug sockets.

It is not surprising that what Britons are looking for in their homes is changing with the times