19 Oct

FTBs see their first home as a chance for nesting

FTBs see their first home as a chance for nesting

The majority of people who are buying their first property in the UK with estate agents see their purchase a chance to settle down as opposed to being a financial investment, a report has stated.

According to Yorkshire Building Society, 85 per cent of first-time buyers are seeing the chance to buy as a way of nesting.

However, 49 per cent of those who are looking to buy at some point in the future said that they want to do so because they feel they are wasting money by paying a landlord to live in the private-rental sector.

It was reported that many people are having to spend up to nine years living in rented accommodation in order to save up for a typical first-time buyer mortgage deposit, which still stands at around £25,000 at the moment.

Chris Smith, group direct mortgage manager at Yorkshire Building Society, said: "In the last five years mortgage activity in general has more than halved, and today's first-time buyers are facing a squeeze on incomes and pay rates that are not keeping pace with inflation."ADNFCR-1222-ID-801472980-ADNFCR

Cookies We use cookies to ensure that we give you the best experience on our website. To find out more about our cookies policy, see our cookies policy here or in the footer.