As many as 426,000 fewer first-time buyers in England could get on the property ladder between this year and 2027 compared with the long-term average, a building society has predicted.
There have recently been signs of house prices falling back, and the report forecasts a gradual improvement for first-time buyers in England from 2023 until 2027. He added: “It has masked a growing gap between people with the ability, or family help, to build ever higher deposits and stretch their repayments and those who cannot.”
Mr Fearon added: “We need to develop a long-term plan before things get even worse: building more homes of all types, increasing affordable routes to home ownership and supporting people to save for their deposit.” The share of buyer demand by property type and size is “virtually the same” as a year ago, with many buyers holding out for either a fall in house prices or mortgage rates, or both, Zoopla added.