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Younger buyers more confident in getting on the ladder

First-time buyers are now more confident of getting on the property ladder than at the start of 2023, research conducted on behalf of HSBC UK has revealed.

Nearly seven in ten (68%) people hoping to buy their first home in the next 12 months say they’re more confident about getting the keys to their dream property than they were at the beginning of the year.

Nearly three-quarters of homebuyers (73%) are looking for a house that needs work to keep the initial costs down.

Andrew Matson, head of mortgages at HSBC UK, said: “It’s encouraging to see more optimism amongst first-time buyers. The first half of this year has been challenging, but the shift in attitudes is reassuring and highlights the housing market’s resilience.

“At HSBC UK, we have supported our customers through the recent economic challenges in several ways, including providing support under the Mortgage Charter. We have also developed an online guide for first-time buyers, and I would encourage anyone looking to purchase their first home to use the guide.

“While we don’t have a crystal ball to see what the future holds, it is pleasing to see the positive sentiment running throughout our research, and we will continue to lean in to help support our customers.”

A variety of reasons were highlighted for wanting to buy, with first-time buyers stating it is cheaper than renting (21%), closely followed by wanting their independence (20%), financial security (17%) and providing for their family (14%).

Only one in nine (11%) said it was because they regarded their first home as an investment.

The survey also found that “independence” came out on top for reasons to buy a property in some major cities such as London, Manchester and Newcastle. At the same time, it was “financial security” in Liverpool.

Meanwhile, those in Wales (64%) and Yorkshire and the Humber (63%) were the most confident about affording a mortgage deposit now or within the next 12 months. Those in the East Midlands (52%), the North East (53%) and Northern Ireland (53%) were the least confident.

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