Research from the Council of Mortgage Lenders suggests 81% of British adults hope to be home owners in 10 years’ time and 74% aspire to it within two years.
But only a third of those who hope to own a home in two years’ time expect it to happen.
Most of those who are renting privately or sharing with family or friends are under 35, and more than half of these at 54%, wish to become home owners over the short term.
Getting on the property ladder has huge financial benefits. According to a new study from Barclays, owning a home rather than renting could save as much as £194,000 over a 50-year period on top of the value of the home.
Substantial barriers to home ownership remain, which is why Barclays has created its Helpful Start mortgage scheme.
This incorporates a Family Affordability Plan,which enables parents to help their children get a loan by allowing their incomes to be used when calculating the mortgage amount but without them having to be on the deeds of the property.
Helpful Start is available through intermediaries and we hope this scheme will provide a positive influence in helping clients get a firmer foot on or up the property ladder.