Just 8% of tenants expect to purchase a home this year
Just 8% of tenants expect to purchase a home by the end of 2015, according to new research by Reeds Rains and Your Move.
Despite making cutbacks and compromises in their attempts to get on to the property ladder, the proportion of tenants expecting to buy has halved compared to this time a year ago. Tenants still hope to get on to the ladder in the long run, however, with 91% saying they aspire to be homeowners at some point in the future.
First-time buyers are willing to compromise
The survey also showed the things that first-time buyers are willing to go without to purchase a home. 20% said they were prepared to buy a home without electricity, while 19% would put up with no working plumbing or central heating.
Dated decor and a sub-par kitchen were seen as acceptable setbacks, with 77% and 76% respectively saying they can live with these issues, while 71% said they could handle a property with an out of fate bathroom.
Indeed, 45% of prospective first-time buyers said they would be willing to accept a property in any condition, as long as it fitted their budget, while 15% said they were actively looking for a renovation project.
Adrian Gill, director of estate agents Your Move and Reeds Rains, says: “As demand in the property market remains strong, first-time buyers are willing to accept a home in less-than-perfect condition.
“While the stats seem alarming at first glance, they’re a good sign for the housing market overall. The figures show that most would-be first-time buyers haven’t given up on the dream of homeownership. Instead, they are sensibly adjusting their expectations and preparing themselves for some of the shortcomings that may be present in a first home."
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