Adverse Mortgages UK

Nearly seven and a half million Britons can not afford to buy a home in the UK, according to new research.

Figures released by Abbey have shown that some 7.4 million Brits can not afford to get on to the property ladder as a result of high house prices in their local area.

However, millions more face a similar situation. Some 6.9 million people say they can not afford a deposit on a home.

An additional 3.4 million people are waiting for house prices to fall before buying a property, while 2.1 million said they could not find an appropriate mortgage deal.

Nici Audham Gardiner, mortgage product executive at Abbey, said: "There are people who feel that they do not want to get on the property ladder, but those who do face many barriers of which the most notable is the cost of homes.

"However, there other more surprising results, for example, job security, lack of time and finding the right mortgage.

"Strangely, despite hundreds of mortgages available to buyers, our research shows that 12 per cent of non-homeowners believe that they would be on the property ladder if they could just find the right mortgage."

However, several other factors featured prominently in the reasons why millions of Brits are unable to buy a home.

An absence of job security, lack of time and fear of commitment were all cited as reasons for being unable to access the UK housing market.


© Adfero Ltd

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