Homebuyers' Hurdles: Price, Confidence, Advice

Oh, the joys of home buying!

Or perhaps not, if you're one of the many aspiring homeowners feeling like you're stuck in a property pickle.

According to Shawbrook's latest Home A-Loan report, a whopping 77% of potential buyers are itching to get their hands on a home in the next five years. But alas, the path to property paradise is paved with hurdles.

First up, affordability. It seems that high house prices are giving potential buyers a serious case of the jitters, with 43% citing general affordability as their main barrier. And who can blame them? With prices soaring, it feels like you need a magic wand—or a lottery win—to get a foot on the ladder.

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Then there's the confidence conundrum. Only 20% of people feel completely confident about getting mortgage approval. For those with a less-than-stellar credit history, that number drops to just 10%. Yikes! It's enough to make anyone break out in a cold sweat.

And let's not forget the advice gap. With only 10% of would-be buyers seeking financial help and 12% struggling to access mortgage advice, it's clear that many are navigating this journey without a map.

Steve Griffiths from Shawbrook suggests that the key to unlocking the door to homeownership lies in better guidance and specialist mortgage solutions. So, dear lenders and brokers, it's time to roll up your sleeves and lend a helping hand to those eager to call a place their own. After all, a little advice can go a long way in turning homebuying dreams into reality!

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Want to hear more? Join Mal & Matt on the Property AI Report Podcast each week!

Access from your preferred podcast provider by clicking here

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