Saving for a deposit has been cited as a major barrier to purchasing a home by 59% of people, according to the latest survey from the Building Societies Association (BSA)1.
Climbing from 54% in December last year and just 40% last June, raising a deposit is currently the biggest obstacle. Head of Mortgage and Housing Policy at BSA, commented: “It remains clear that there are many people for whom the pandemic continues to have a negative financial impact.”
The quarterly property tracker outlines lack of job security as a barrier to purchase by 45% of people, down from 59% in March. Access to mortgage finance is seen as a barrier by 37% of people, with worries concerning falls in property prices a barrier for 16%.
Your home may be repossessed if you do not keep up repayments on your mortgage.
Sources: 1bsa.org.uk
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