Research commissioned by the Building Societies Association indicates that rising job security concerns have become a major barrier to home ownership. Mortgage affordability, the ability to raise a deposit, and accessing sufficient mortgage amounts further complicate the situation. Eased rules from lenders allow for larger loans, aiding home buyers. However, a third of renters aged 25 to 44 feel home ownership is unattainable, with many expecting to own homes by their current age yet facing unexpected challenges.
The Building Societies Association (BSA) research revealed that a third of renters aged 25 to 44 wish to buy a home but feel ownership is unattainable.
Many mortgage lenders have recently eased their lending rules, allowing potential buyers to take out larger loans to assist with homeownership.
The BSA's research indicates that rising issues like job security and mortgage affordability serve as significant barriers to homeownership.
Fifty-nine percent of renters expected to own homes at their current age, illustrating a gap between expectations and reality in homeownership aspirations.
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