Thu 11 Jun 2015

First-time purchases 'take longer than expected'

New research has revealed the frustrations of many would-be homeowners, as it takes them longer than they expect to purchase their first home.

Figures published by Clydesdale and Yorkshire Banks as part of its Annual First Time Buyers Survey have revealed almost two-thirds (65 per cent) had to wait longer than they had originally believed would be the case to get on the property ladder. This compared to a result of 68 per cent among respondents asked the same question in 2014.

Just 27 per cent took around the length of time they thought would be the norm to make their first property purchase, while eight per cent were able to buy a home quicker than they had expected.

Steve Fletcher, director of retail banking at Clydesdale and Yorkshire Banks, said: "It is positive that our research shows that there is a small improvement on the previous year, however almost two thirds of first-time buyers still face challenges in meeting their own timescales for being a homeowner."

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