More than two in five (42%) people who planned on buying a property in 2022 failed to do so, according to NerdWallet.

According to the comparison site, a fifth of Brits planned on buying a property last year, yet 42% of those were unsuccessful in doing so.

Concerns about the cost of living crisis were the biggest reason, with 36% citing this, while a third said being unable to find a property suitable for their needs and within budget had played a part.

Just under a third (32%) decided to wait because they were concerned about the economic uncertainty.

Still put off

Many of those aspiring buyers are still put off committing to a purchase in 2023, due to the rising cost of living and higher mortgage rates.

NerdWallet found that one in five (20%) people now feel worse about their ability to buy a home in 2023 compared to last year.

Over one in three (37%) people won’t buy this year due to the cost of living crisis, and more than a quarter (28%) because of high mortgage rates.

More than two-thirds (68%) of younger buyers are willing to compromise to buy.

Tim Leonard, personal finance expert at NerdWallet UK, said: “Buying a property over the last 18 months has become increasingly more challenging, with rising inflation and interest rates making it more difficult for people to save for a deposit and fees, and pass lenders’ mortgage affordability tests.

“First-time buyers are likely to be struggling more than ever to achieve their homeownership dreams, while there are considerable challenges facing existing homeowners who are hoping to move too, potentially leaving people stuck in homes that may not be right for them, or they can barely afford.”

“And the future doesn’t feel any brighter for many. Those who postponed buying last year with a view to revisiting their options again in 2023 believe the home-buying landscape doesn’t appear to have improved.”