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It has been a challenging time for most of us of late, but it is fair to say the lockdown has led many people dreaming of owning a home. If you are looking to buy, or just considering your next step, we can help.

At Austin Property Services, we aim to connect buyers and vendors, so if you dream of owning a home, we can help.

Is home ownership a life goal for you?

New research from Aldermore has revealed that almost half of the UK's renters have not given up on their dream of being a homeowner.

Aldermore spoke with 2,000 private tenants in the UK, and 45% say “owning a home is a life goal”, and 26% are actively saving for a deposit.

The areas which saw the most significant level of intent from renters to buy were:

  • Northern Ireland

  • Greater London

  • South East of England

We can help you move forward in housing market

Obstacles that have to be overcome by buyers:

  • 38% of respondents said they were actively looking to upgrade their credit score

  • 30% of respondents were concerned about raising a deposit

  • 28% of private tenants cited their credit history as a concern

  • 17% of respondents cited affordable house prices

  • 13% said high rental costs was a concern

  • 8% of respondents said securing a mortgage was their biggest obstacle

The main credit issues experienced by respondents include:

  • Their overdraft, said by 26% of respondents

  • Credit card debt, said by 25% of respondents

  • Employment gaps, said by 21% of respondents

  • Being responsible for dependents was cited by 17% of respondents

  • Missed bill payments was listed by 15% of respondents

  • 8% of respondents save said their account has been handled by collection agencies

  • 7% have said they have taken out a payday loan

  • 5% have a CCJ (County court Judgment) in their past

Challenges presented by COVID-19 impact the market:

  • 22% of tenants have been placed on furlough or lost employment

  • 12% of tenants have admitted to missing or making a late rental payment

  • 14% of tenants say they have had to use their savings to get by

The average UK rent amongst the respondents was £648 a month. It is no surprise that Greater London saw the highest rents at £926, while the South East experienced rents of £740, and the South West saw rents of £679.

14% of private tenants say they have experienced a rent increase since the start of the pandemic.

Jon Cooper is the head of mortgage distribution at Aldermore, and he said: “The experience of lockdown has focused renters’ minds to work towards owning a home more than ever before, but it is clear from the data that renters see credit issues in their past as a problem for them. And with many dealing with furlough and reduced incomes recently, it is understandable they may feel the dream of homeownership is far from reach. However, the challenges they face are not as large a barrier to buying a home as it may have been in the past. Specialist lenders, like Aldermore, consider borrowers with credit issues, including debt and CCJs, alongside those experiencing furlough, so options are open as we begin the new year for renters that previously may have been turned away from high street lenders.”

Kevin Roberts is a Director of Legal & General Mortgage Club, and he said; “The coronavirus crisis has undoubtedly presented different challenges for people wishing to move onto and up the property ladder. Those with homeownership aspirations still have many mortgage options available to them and should not feel locked out of the market because of previous credit marks, or existing debts. The key to success for these people is to seek professional mortgage advice. Working with an independent mortgage adviser can be especially useful to aspiring mortgage borrowers, helping them understand their full range of options, such as specialist lenders like Aldermore.”

We know many people have questions and queries right now, and we are here to help as best we can. Please get in touch with Austin Property Services if there is anything, we can assist you with. You can call us on 01305 858470 or you can email us at This email address is being protected from spambots. You need JavaScript enabled to view it..

 

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