British homeowners now wait longer than expected to climb property ladder

British homeowners now wait longer than expected to climb property ladder

For the last few years, one of the biggest focuses of the government has been to make sure that more young people can afford to buy homes. With mortgages now more expensive than ever before, the government made use of the likes of the Help to Buy scheme to allow people onto the property ladder with a lower deposit. 

However, for people who already own a home, the market is also hard to negotiate, with a new study showing that British homeowners are struggling to move up the property ladder and will spend more time in their first home than they would have expected to in the past. 

According to the research conducted by Lloyds Bank, as many as 33 per cent of people feel they are not as far along the property ladder as they would have expected to be at this point in their life. First-time owners are the largest part of this, with 43 per cent of this demographic saying they would have expected to have owned at least their second home by now. 

Some 36 per cent of first time owners have aspirations of owning their ideal family home, which would normally be seen as their long-term residence, by the time they reach the age of 45. However, 83 per cent of owners overall said that they feel it will take them longer to reach the top of the property ladder now than it would have done ten years ago. 

"Many current homeowners clearly still feel that they are not progressing up the ladder as quickly as they would like, with higher house prices in some regions meaning people are waiting longer to move into to their long term family home," said Andy Hulme, mortgages director at Lloyds Bank.

However, it's not all doom and gloom, with many people still of the belief that they will be able to move up the ladder some time in the near future. For some 63 per cent of British homeowners, the belief is that they will be in their ideal family home within five years, while 64 per cent said they will only need to make one more move before they find their long-term residence.