Brits feel they could afford mortgage payments – but not a deposit

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Research of 1,000 adults, who rent, revealed 36 percent also think further increases in house prices will impact their ability to save enough to buy – with 28 percent writing off the notion entirely.

And one in six (15 percent) can’t see themselves getting on the property ladder unless they get a helping hand, due to the cost-of-living crisis.

A spokesman from Shared Ownership Week, which commissioned the research, said: “It’s been interesting to see people clearly feel confident they’d be able to take on a mortgage.

“And yet, despite that confidence, the ever-growing figures required for a deposit seem to be the stumbling block.

“As a result, this seems to be putting many off buying, thinking that it’s not a possibility – which is a shame, but also not strictly true.”

It also emerged nearly one in four (23 percent) reckon the only way they’d be able to cobble the cash together for a deposit would be to move back in with their parents.

And 34 percent have tried to save for one in the past, but never reached their goal.

Half of those polled were saving for a deposit, managing to put aside an average of £304 a month – with nearly £6,300 tucked away in total.

But 34 percent would likely need some financial assistance from their parents to raise the money they need for their first property.

The study also revealed nearly two-thirds (63 percent) would likely consider a new build.

The main selling points for this included being able to move in straight away once it’s ready, as well as it being a blank canvas, and likely to be more energy efficient than an older property.

And given the ongoing cost-of-living crisis, 88 percent saw energy efficiency as being important when buying, according to the OnePoll data.

It also emerged half would consider shared ownership, although 28 percent hadn’t thought of it as an option yet.

Renting respondents said the main benefits of shared ownership would include having the option to buy in the future, it being an easier way onto the property ladder, and lower deposits.

The spokesman from Shared Ownership Week added: “Despite challenging economic times, the desire to get on the property ladder remains strong.

“And shared ownership provides a route for people to finally get a home of their own, without having to save quite as much, or pay as much monthly.

“Particularly during the cost-of-living crisis, we want to remind those people who rent that the door isn’t closed on owning your own property, and it can be done.”

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