The UK summer homebuyers report suggests that people are feeling the strain after a poll of current and potential homeowners stated that only an unexpected large windfall or lottery win would prompt any kind of housing upgrade.
The study, conducted through money(dot)co.uk details that house prices have risen by £31,000 on average in the last 12 months. This, according to research from the UK house price index of June 2021. This sharp incline during a time where people were under threat of unemployment has caused many to rethink their housing opportunities.
Among the people who ticked ‘other’ on the list of factors that would enable them to move house or get on the property ladder, 29% said it would take a lottery win to inspire a change of setting, with a further 7% saying an inheritance could be the winning ticket.
The main reason behind people’s reluctance to move up or onto the property ladder seemed to be the booming prices, with 46% of survey takers stating that only a fall in house prices would prompt them to buy a property. 12% of those asked seemed nothing would prompt a move, regardless of the situation.
Research from Money also indicated that a majority of people in the UK are not aware of any government schemes set up to help prospective homebuyers. 41% of those surveyed said they had never heard of the plans and one in ten first time buyers said they would not use any of the options available to them.
On average, first-time buyers are looking to spend £254,000 on a new property, while those looking to upscale were prepared to spend £355,500 on average. For the majority, the number of rooms was the pressing factor. However, 44% of survey takers specified wanting a garden or outside space. 43% of people wanted their own garage.
Some hopefuls have even started turning to House Lotteries, where estate agents attempt to flip overpriced housing to a lucky bidder. Such competitions often see houses being raffled off at a much lower cost than what you would normally see on the market.