And more than 80% say that the cost-of-living has impacted their plans, with 49% having delayed them due to affordability concerns.
Around half (48%) of first-time buyers say their prospects of owning a home are further away than ever due to the ongoing cost-of-living crisis, research by Nationwide Building Society reveals.
As a result, one in five (20%) don’t think they will be able to buy until at least their forties – despite the average first-time buyer age being 33.
When asked about what the biggest barrier was to getting that first home, nearly a third (31%) said it was saving for a deposit.
However, that isn’t the only barrier, with 44% pointing to an issue with affordability with one in five (20%) saying it was finding somewhere in their price range and 14% saying it was being able to afford the monthly repayments. One in ten (10%) said it was the ability to borrow enough for the mortgage.
Rachael Sinclair, Nationwide’s Director of Mortgages and Financial Wellbeing, says: “Getting that first home is as challenging as it ever has been. We need to solve the first-time buyer conundrum, which is why Nationwide has continually called for government to set up an independent review of the first-time buyer market.
