The majority – 59% – of homeowners say their current home meets none or only some of their needs, says Yorkshire Building Society (YBS).
And 62% of second home purchasers – or ‘second steppers’ – replied in this way about their first home.
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In its report, ‘Housing Britain’, published today, YBS contrasts this with 79% of first-time buyers (FTBs) believing that their first home will likely meet all of their needs and the fact that 42% believe their first home will be their last.
YBS director of mortgages distribution Jeremy Duncombe says, “There is clearly a disparity between how FTBs expect to feel in their first home and, according to second steppers, how they in fact end up feeling.”
He adds: “Those looking to buy a home for the first time who are prepared to compromise, should be able to get on the housing ladder sooner, but should be aware of the sacrifices those compromises will bring.”
The biggest needs not being met, according to those concerned of the 1,750 adults asked by the building society, are not having enough outside space – 39% – and the property being too small – 38%.
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And among its analysis, YBS says it is “struck” by 28% of homeowners saying their current place isn’t energy efficient enough – “an ever more important issue.”
The report also finds that 75% of those asked believe home ownership is being pushed out of reach of many people, and that 50% of home buyers say the government should take responsibility for trying to fix this.
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Meanwhile, 44% of people say that the housing market is “beyond repair”, while 40% have a more positive view of the future.
By Gary Adams
Source: Mortgage Finance Gazette