Research carried out last year revealed that British home owners are waiting longer than expected to move up the housing ladder.
The survey which was carried out by Lloyds Bank found that a whopping 33% of Brits should be further along the property ladder than they currently are. Thanks to the never-ending rise in house prices, the research also found that an incredible 83% of home owners have to wait longer than ever to reach their goal of owning a long-term family home compared to just a decade ago.
40% of people surveyed said that they feel the highly competitive housing market has an impact on their aspirations as it’s so difficult to become a home owner in the first place, let alone move to a bigger property. This figure has fallen since 2013 however when 47% of people felt this way and 2012 when this number was at 53%.
Naturally, first-time buyers are being hit hard with nearly half (48%) saying that the housing market has an impact on how long it takes them to become a home owner.
Despite the difficulties that Brits are facing to get onto or move up the property ladder, it seems as if they still have high hopes for their future. 44% say that even though it’s harder than ever, they still won’t make any compromises when choosing a home and they believe that this is something that’s still a realistic achievement.
63% believe that this is a goal they will reach within the next five years and 64% think they will only have to make one more move before they will be able to achieve their long-term housing aspirations.
If you live in London or the South East then chances are that you will have to wait longer then the rest of the country to own your dream three bedroom property. The average age of applicants for this type of house is 35 which is a year older than the national average. Many are all too aware that these areas remain the least affordable in the country.
This is a stark contrast to the North and Wales however where properties are much more affordable. The average three-bedroom house in these areas will set you back between £129,000 and £135,000. In London, the average price of a three-bedroom property will set you back a staggering £1.3 million.
Lloyd’s survey also revealed that the majority of home owners (43%) aspire to own a three-bedroom property. 24% want four bedrooms and many dream of having a nice garden, high quality kitchens and bathrooms and conservatories.