Speculation of a rise in interest rates isn’t putting first-time buyers off getting on the housing ladder, research from Yorkshire Building Society shows.
Figures from the society show that only 8 per cent of would-be FTBs aged 18 to 40 are holding off on plans to buy based on suggestions that the Bank of England will raise interest rates this week.
Just one in 12 young people saw changes to interest rates as a barrier to owning their own home, compared to 44 per cent of respondents who blamed high deposits as the hindrance and 33 per cent concerned about the cost of property in their local area.
YBS senior mortgage manager Mike Sims says: “Our research shows that despite general uncertainty about bank rate rises and other challenges first-time buyers face, those looking to buy their first house are not being deterred.
“The mortgage market has been in unchartered territory for many years now and even with the prospect of rates rising it’s pleasing to see that many aspiring homeowners still believe owning their own home is in reach.”