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68% of first-time buyers are now more confident of getting on the property ladder in the UK: A recent survey by HSBC has found that 68% of UK first-time buyers are more confident of getting on the property ladder than they were at the start of the year. This has come about because of the many positive changes the UK housing market has faced recently.

The survey was conducted by HSBC UK. HSBC carried out the research to assess the housing market and to understand where people stand with buying a house, mortgages and coping with economic challenges. The survey also reveals the reasons why people want to buy their own home and how they are saving money to afford a mortgage.

Findings highlighted that over 7 in 10 (73%) homebuyers said they are looking for a house that needs renovating or work done to help keep the costs down. Regarding reasons for wanting to buy a first house, 21% said that it is cheaper than renting, 20% said they want independence and 17% said it is for financial security reasons. Only a slim 11% of first-time buyers said they’re buying their first home as an investment.

Mortgages

Further findings regarding mortgages found that people from Wales (64%) were the most confident about depositing for a mortgage now or within the next year. This statistic was followed closely by the people from Yorkshire and the Humber (63%). Respondents from the East Midlands and the North East were found to be the least confident, out of all the regions in the UK measured.

When the survey participants were asked where they find their mortgage information, just over two fifths (41%) made it clear they source it from a broker/advisor.

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