First-time Buyers

Deposit remains biggest barrier to home ownership

Adam Williams
Written By:
Adam Williams

Optimism for the housing market in 2013 remains high according to research from the Building Societies Association’s property tracker

It found that consumers are finding it easier to access finance for mortgages than for any time in the last four years.

However, lack of ability to raise a deposit remained the biggest barrier to purchase for first-time buyers with 59% of potential homeowners unable to save enough to fund a deposit.

Problems accessing mortgage finance and lack of job security were also said to be major issues.

Confidence in the wider market remained low with just 38% of people thinking it was a good time to purchase a house.