Over 80% of non-homeowning adults aspire to be a first time buyer, but less than a quarter of these expect to be able to purchase within next five years, according to a new survey from HSBC.
The research also found that 78% of all non-home owners, who have never bought before, aspire to be homeowners. 86% of non-homeowners between 18-24 years old aspire to be homeowners. This falls slightly to 84% for those aged between 25-34.
Only 19% of aspiring homeowners expect to purchase within the next five years, while 45% do not expect to be able to purchase a home ever.
Among 18-24 year olds, 22% expect to purchase within five years. 21% do not expect to ever be able to purchase.
The HSBC survey asked the aspiring homeowners what key reasons were holding them back from house purchase. 69% cited “raising the required deposit”” while 59% cited “”insufficient income to support the mortgage.”” 27% said “”concerns over unemployment””.
