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Millions Regret Not Buying Property In 2012

Millions Regret Not Buying Property In 2012

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.

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There are always a number of property related studies, research and data gathering exercises going on within the UK property industry and the latest research carried out by Online bank – First Direct, (a division of HSBC bank and member of the HSBC Group), has shown that some adults in the UK regret the fact that they have not yet purchased property.

The study revealed 12% of those questioned in 2011 believe they have been living in their rented property for too long.

The same proportion of individuals stated they should have attempted to purchase a property of their own during the last 12 months, while just 4% of respondents said they wished they had not bought a residential dwelling in this time.

Bruno Genovese, Head of savings at the organisation noted January can be a great time for people to start getting their money matters in order for the coming year. “The earlier people start to plan their finances and look to the future, the better their long term financial position will be.”

However you look at the data it seems clear that the largest barrier to many people wishing to purchase property is that of available finance. First Time Buyers (FTBs) need a substantial deposit to be able to afford the purchase of a home and property investors are becoming increasingly limited in their options for finance as the banks are still edgy about lending and continue to limit the number of mortgage products property investors can have at any one time.

Savvy and educated property investors who have already negotiated a BMV purchase may have structured their property purchase by borrowing the necessary funds from a Bridging Finance specialist.

If you are looking for Bridging Finance to enable a property purchase or would like to find a mortgage broker then please follow the links

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