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Looking To Own Your Home?

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Wed 10 Mar 2021

Looking To Own Your Home?

While it has been a challenging year, there is no reason to believe homeownership is beyond you. At Coakley & Theaker, we are pleased to say we have helped many prospective buyers find and buyer their dream home.

We speak with local homeowners and buyers, and we stay in touch with the latest studies.

A recent study carried out by Aldermore, 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.

Get ready for fresh challenges

Buying a home isn’t always easy. Knowing the most common challenges you will need to overcome will be of benefit:

  • 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

Dealing with the pandemic

Matters relating to the pandemic have also caused problems in the housing 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.

Young tenants are looking to the future

Young people should also look to follow their dreams of homeownership, and this is an important issue for many would-be buyers:

  • 69% of respondents aged between 18 and 34 say owning a home is a life goal

  • 45% of this group say that lockdown has made them more motivated to own property

  • 24% of this group have missed a rental payment or made a late payment

  • 49% of this group are actively looking to improve their credit rating

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.”

At Coakley & Theaker, we aim to support the local community as much as we can, and we know this is an extremely trying time. A lot of people are looking for support and guidance, and if you have any property or housing related questions, we are more than happy to assist you, so contact us today.