A significant number of UK adults regret not buying property last year, new research by First Direct has shown.
Around 1.5 million people have responded to a banking and mortgage survey stating that they regret the fact they did not buy property in 2012.
The study revealed 3.6% of adults in the UK feel this way, which represents more than 1.5 million individuals.
Among the 25 to 34-year-olds, this proportion rose to 8%- the equivalent of almost 600,000 people.
Andy Forbes, head of retail products at First Direct, said “Purchasing property can be a daunting prospect for many first-time buyers, especially during times of economic uncertainty. However, it’s worrying that such a large number of people regretted not buying a home in 2012.”
First Direct noted only 640,000 houses were sold in England and Wales last year, despite there being a 1% increase in the overall volume of property sales – an amount standing less than half of the 1.3 million posted in 2006.
Buying property has been consistently demonstrated as being significantly cheaper than renting in the majority of the UK, saving property buyers an average of £400 – £800 (GBP) per annum.
The reports of economic depression, triple dip recession and employment uncertainty have forced the majority of renting tenants to stay in UK PRS accommodation and focus on saving as much of their income as possible in order to be able to afford the high value deposit demanded by many mortgage lenders.
However, with a multitude of new mortgage products at more palatable rates being made available to First Time Buyers (FTB’s) under the Governments Funding For Lending Scheme (FLS), these figures could soon change significantly and the UK could move away from the popular rental economy that is all the fashion on the continent and we can become a nation of property owners once more.
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