Buyers locked out of desired locations

In a recent survey,¹ 41% of respondents agreed with the statement, ‘I cannot afford to live in the area I want or need to live in.’ Are buyers being priced out?

Here or there?

The results of the survey showed just how many renters and homeowners are unhappy with their current location. The key reasons for wanting or needing to move elsewhere included job opportunities (37%), proximity to friends and family (35%), a better lifestyle (29%) and to live somewhere more upmarket (21%).

Additionally, 73% of respondents admitted that they were ‘greatly concerned’ about the current property market and 38% have the mindset that they will ‘never’ be able to afford their own home.

Rental surge

Demand for rental properties remains at record levels², even while the average rent remains close to record highs. This rental demand is partly the result of worsening affordability for buyers.

Although house prices have steadied so far in 2023³, the average asking price for a UK home is £362,452, which remains out of reach of many aspiring buyers. Indeed, 75.92% of renters don’t think they’ll be able to own a property in 2023⁴.

Wherever you want to go

We’re here to help you get onto or move up the housing ladder – wherever you want to go. Get in touch today to see how we can help.

¹kindroom, 2023, ²Foxtons, 2023, ³Rightmove, 2023, ⁴Finbri, 2023