The research, carried out by removals company Bishop’s Move, which is this year celebrating its 160th year in business, surveyed 1000 people and found that almost half (42 per cent) in Wales see raising the funds to secure a mortgage as their greatest obstacle; this is compared to just 12 per cent in East Anglia, 15 per cent in the North East and 13 per cent in the East Midlands.
However, when asked ‘what do you see as the current and greatest challenge to buying a property?’ just 8 per cent of those in Wales replied with ‘being priced out of the home I want’ compared to 27 per cent in the North East, and 28 per cent in London and the South West respectively.
With recent figures from the Department of Work and Pensions revealing that Wales has the highest percentage of people on low incomes in the whole of the UK, this will once again thrust the issue back into the spotlight.
A further 17 per cent of those surveyed in Wales said they found changes to the mortgage application criteria the biggest challenge and 10 per cent were concerned about being sucked into the 3pc stamp duty threshold; the second lowest ahead of 8 per cent in the North East.
Chris Marshall, Sales & Marketing Director at Bishop’s Move comments:
“This paints a clear picture of the state of the housing market throughout Wales. These figures show that, despite house prices rising, properties in Wales are amongst the most affordable in the UK. However, the challenge for those looking to get onto the property ladder is mortgage affordability thus putting income levels against interest rates into the spotlight once more.
“Figures released in early July from the Department of Work & Pensions showed that Wales has some of the highest levels of “absolute poverty”; its Households Below Average Incomes survey showed that in 2012/13 24% of workers in Wales live on low incomes after housing costs. There is an issue here which needs to be addressed before the people of Wales get left behind."
