A new survey from HSBC has revealed figures which suggest people don’t want to buy a house at the moment are being seriously warped by the economic climate.
Around 200,000 people are currently considered to be wanting to get on the housing ladder, but can’t afford the huge deposits needed to afford the mortgage. This is less than half the usual number, suggesting that the nation has given up with buying a house, but HSBCs findings prove this isn’t the case.
Their survey found that 80% of non-homeowners interviewed wanted to get onto the housing ladder, and that rose to 86% among the 18-24year olds questioned.
Less than 20% of those asked believed they’d achieve their dream in the next five years, and 45% of those didn’t think they’d ever be able to afford a house.
The research revealed the biggest problem was raising a deposit in the first place, with the average first home costing £137,000.
HSBC admitted it would be far easier if buyers only needed a 5% deposit, but Stuart Beattie from HSBC revealed, “This may be allowed if lenders can get insurance to protect themselves and the borrower.
“But we cannot go back to the irresponsible lending seen before the credit crunch.