First-time buyers delaying purchases by two years due to cost of living crisis - claim

First-time buyers are set to wait up to two years longer to get on the property ladder due to the cost of living crisis, research claims.

A survey of 2,000 prospective first-time buyers by challenger banking brand Aldermore has revealed that many are struggling to secure a mortgage as rising bills erode their finances.

Seven out of 10 (72%) respondents said their attempts to purchase a property have been hit by cost of living concerns.

This has delayed a third from buying a property and realising their homebuying dreams, with delays of 20 months on average.

On average, prospective first-time buyers plan to save £43,500 for a deposit, according to the research

First-time buyers in London and the South East expect to save the most at £52,777 and £54,570 respectively, with Yorkshire buyers expected to save nearly half of that (£27,379) on average.

That has become more challenging for almost two-thirds of first-time buyer hopefuls who said they have had to scale back their regular savings, likely increasing the time it takes to get on the property ladder, while one in five have opted to look for a cheaper home.

Jon Cooper, head of mortgage distribution at Aldermore, said: “While saving in this current economic climate may feel like a long and arduous journey, we’ve found that the majority of determined first-time buyers think the difficulties are ultimately worth it in order to get on the property ladder.

“It’s important that prospective buyers are aware of the support available to them. Would-be buyers should consider seeking advice from a broker who can lend a helping hand and guide you through the process of becoming a homeowner.”