The latest quarterly First Time Buyer Index published by Aldermore, reveals that the outlook for first time buyers is slowly becoming more optimistic.
A large proportion of first time buyers believe it is still very difficult to get on the ladder but this has started to shift according to latest figures.
Currently 35% of first time buyers believe buying their first home will be extremely difficult in comparison to 39% in 2016. In addition, as the market begins to flatten, rising property prices are no longer seen as such a barrier, with a 10% decrease in those who consider it the biggest obstacle to buying their first home-37% found this to be the biggest barrier in 2016 compared to 27% in 2017.
Raising a deposit and property prices continue to be the biggest concern for first time buyers across the UK although this perception differs across the country: 45% of first time buyers in the East of England believe raising a deposit is the biggest barrier compared to 26% in London, whereas 33% of first time buyers in the South East believe finding an affordable property and rising house prices are the biggest obstacles compared to a 19% in the North East.
Original source - http://www.aldermore.co.uk/about-us/newsroom/2017/09/annual-data-reveals-glimmer-of-hope-for-first-time-buyers/