The UK real estate market is having a resurgence because buyers are ready to buy despite rising costs as real estate agent Nick Millican explains. That doesn’t mean buyers are optimistic about homeownership. A new HomeOwners Alliance report reveals that less than half of first-time home buyers expect homeownership to become a reality.
Nick Millican learned from HomeOwners Alliance chief executive Paula Higgins that Brits are giving up on their dream of homeownership; she hopes the upcoming election will discuss the housing issue. They must explain to people how to build more homes and offer support to first-time homebuyers.
Agent Nick Millican gathered evidence from an Optimum survey to learn more about first-time homebuyers’ frustrations. Of 2,000 people, sixty percent feel homeownership is out of reach because of the rising cost. Some buyers buy out of frustration related to rising interest rates, but not all are budging. The second is not having enough money for a deposit or down payment at 44%.
The other top reasons are not having enough money to pay the mortgage payments and not being approved for a mortgage, agent Nick Millican adds. The average cost to buy a home in London now is 682,989 pounds. The outlook of eager buyers purchasing homes at a higher cost is reasonable for buyers who know the art of bidding wars and seller negotiations.
First-time homebuyers have a pessimistic outlook because they need help to navigate the system. This year is pivotal as politics affect the real estate market’s home constructions, interest rate hikes, and government programs. Nick Millican will continue to learn more about what first-time homebuyers want and do his part to contribute to their success.