Revealed: the barriers keeping first-time buyers off the property ladder

At Tiles Direct, we wanted to find out more about the barriers preventing first-time buyers from saving for a deposit on their home – so we conducted a survey to find out what Brits believed were the greatest obstacles to homeownership. From rent prices and the cost of living to interest rates and irresponsible spending, respondents weighed in on the factors keeping Generation Y off the UK property ladder.

The results of the study are below – segmented by gender, age bracket and location.

 

Revealed: the barriers keeping first-time buyers off the property ladder

 

Topline results:

In your opinion, what is the single biggest barrier blocking first-time buyers from saving for a deposit on a house?

  • Rent is too high to save for a deposit: 38.0%
  • Higher cost of living: 21.0%
  • Lack of well-paid employment opportunities: 18.2%
  • Lack of motivation to save money: 8.8%
  • Irresponsible spending amongst Generation Y: 6.4%
  • Poor interest rates on savings accounts: 6.0%
  • Other: 1.6%

 

Males:

  • Rent is too high to save for a deposit: 39.5%
  • Higher cost of living: 19.5%
  • Lack of well-paid employment opportunities: 15.7%
  • Lack of motivation to save money: 9.0%
  • Poor interest rates on savings accounts: 7.6%
  • Irresponsible spending amongst Generation Y: 5.7%
  • Other: 2.9%

 

Females:

  • Rent is too high to save for a deposit: 37.5%
  • Higher cost of living: 23.4%
  • Lack of well-paid employment opportunities: 20.3%
  • Lack of motivation to save money: 7.8%
  • Irresponsible spending amongst Generation Y: 6.8%
  • Poor interest rates on savings accounts: 3.6%
  • Other: 0.5%

 

18-24s:

  • Rent is too high to save for a deposit: 31.3%
  • Higher cost of living: 24.1%
  • Lack of well-paid employment opportunities: 19.3%
  • Lack of motivation to save money: 9.6%
  • Irresponsible spending amongst Generation Y: 7.2%
  • Poor interest rates on savings accounts: 7.2%
  • Other: 1.2%

 

25-34s:

  • Rent is too high to save for a deposit: 52.4%
  • Higher cost of living: 21.4%
  • Lack of well-paid employment opportunities: 10.7%
  • Lack of motivation to save money: 6.0%
  • Irresponsible spending amongst Generation Y: 4.8%
  • Poor interest rates on savings accounts: 1.2%
  • Other: 3.6%

 

35-44s:

  • Rent is too high to save for a deposit: 41.0%
  • Higher cost of living: 25.6%
  • Lack of well-paid employment opportunities: 15.4%
  • Irresponsible spending amongst Generation Y: 9.0%
  • Lack of motivation to save money: 3.8%
  • Poor interest rates on savings accounts: 3.8%
  • Other: 1.3%

 

45-54s:

  • Rent is too high to save for a deposit: 39.3%
  • Lack of well-paid employment opportunities: 29.5%
  • Higher cost of living: 16.4%
  • Lack of motivation to save money: 11.5%
  • Irresponsible spending amongst Generation Y: 2.3%
  • Poor interest rates on savings accounts: 1.0%
  • Other: 0.0%

 

55-64s:

  • Rent is too high to save for a deposit: 26.7%
  • Higher cost of living: 20.0%
  • Lack of well-paid employment opportunities: 17.8%
  • Lack of motivation to save money: 17.8%
  • Poor interest rates on savings accounts: 11.1%
  • Irresponsible spending amongst Generation Y: 4.4%
  • Other: 2.2%

 

65+:

  • Rent is too high to save for a deposit: 48.1%
  • Poor interest rates on savings accounts: 14.8%
  • Higher cost of living: 11.1%
  • Lack of well-paid employment opportunities: 11.1%
  • Lack of motivation to save money: 7.4%
  • Irresponsible spending amongst Generation Y: 3.7%
  • Other: 3.7%

 

England:

  • Rent is too high to save for a deposit: 39.3%
  • Higher cost of living: 22.0%
  • Lack of well-paid employment opportunities: 17.3%
  • Lack of motivation to save money: 9.0%
  • Irresponsible spending amongst Generation Y: 6.0%
  • Poor interest rates on savings accounts: 5.0%
  • Other: 1.5%

 

Scotland:

  • Rent is too high to save for a deposit: 35.1%
  • Higher cost of living: 17.5%
  • Lack of well-paid employment opportunities: 15.8%
  • Poor interest rates on savings accounts: 12.3%
  • Lack of motivation to save money: 8.8%
  • Irresponsible spending amongst Generation Y: 8.8%
  • Other: 1.8%

 

Wales:

  • Rent is too high to save for a deposit: 33.3%
  • Lack of well-paid employment opportunities: 27.8%
  • Higher cost of living: 22.2%
  • Lack of motivation to save money: 5.6%
  • Irresponsible spending amongst Generation Y: 5.6%
  • Poor interest rates on savings accounts: 5.6%
  • Other: 0.0%

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