A third of people plan to buy a property in the next five years, according to the Post Office’s annual House Buying Habits mortgage report.
This compares to 29 per cent of people last year. Of those who plan to buy, almost half (49 per cent) are second-time buyers or movers and 39 per cent are first-time buyers.
More than half of first-time buyers and movers (56 per cent) are hoping to move onto or up the property ladder in 2013, 2014 or 2015. Although 2013 stands out as the year of the mover and second-time buyer, with a fifth (21 per cent) intending to buy their next property before the year is out.
London's moving
The report reveals 48 per cent of Londoners are considering buying a property over the next five years. John Willcock, head of mortgages at
Post Office, said: “It’s really encouraging to see such optimism among potential homebuyers. The property market could really get going in the next few years if this buoyant attitude continues.
“The changing lending landscape, housing market movement and the availability of more affordable mortgages in early 2013, has perhaps cajoled many into feeling more confident about the future of the housing market.”
Property ladder
Buying a property does not get any easier even if you already have one foot on the ladder. Almost one in three (27 per cent) of second-time buyers and movers are relying on some sort of financial help from parents, family or their partner to buy their next home. Seven per cent admit they are hoping for an inheritance to help their next leap up the ladder.
First-time buyers who want to buy and need to raise a deposit expect to raise an average of 17 per cent. There has been a fall in the number of people who say they do not have the money to raise a deposit -16 per cent say they cannot afford the
deposit compared to 24 per cent last year.
