According to a survey conducted among 2,000 adults in the United Kingdom (UK), in December 2023, the majority of respondents found the affordability of mortgage repayments the biggest barrier to a property purchase. Between 2021 and 2023, the share of respondents who chose mortgage affordability as the main challenge rose 39 percent to 68 percent. This was due to the dramatic increase in house prices since the beginning of the coronavirus pandemic and the mortgage rates hike in 2022.
Share of respondents who consider certain issues as barriers to homeownership in the United Kingdom (UK) from 2016 to 2023
Characteristic
Affordability of monthly mortgage repayments
Raising a deposit
Stamp Duty costs
Legal, valuation and other "official" costs
Access to a large enough mortgage/ access to a mortgage at all
Complexity of the property buying process
Finding the right property
Concern about future falls in property prices
Lack of job security
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Respondents were asked the following question: "Which of the following do you think are most likely to stop someone from buying a residential property at the moment?". Multiple answers were possible.
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Building Societies Association. (February 26, 2024). Share of respondents who consider certain issues as barriers to homeownership in the United Kingdom (UK) from 2016 to 2023 [Graph]. In Statista. Retrieved July 22, 2024, from https://www.statista.com/statistics/1175185/residential-real-estate-barriers-buying-a-property/
Building Societies Association. "Share of respondents who consider certain issues as barriers to homeownership in the United Kingdom (UK) from 2016 to 2023." Chart. February 26, 2024. Statista. Accessed July 22, 2024. https://www.statista.com/statistics/1175185/residential-real-estate-barriers-buying-a-property/
Building Societies Association. (2024). Share of respondents who consider certain issues as barriers to homeownership in the United Kingdom (UK) from 2016 to 2023. Statista. Statista Inc.. Accessed: July 22, 2024. https://www.statista.com/statistics/1175185/residential-real-estate-barriers-buying-a-property/
Building Societies Association. "Share of Respondents Who Consider Certain Issues as Barriers to Homeownership in The United Kingdom (Uk) from 2016 to 2023." Statista, Statista Inc., 26 Feb 2024, https://www.statista.com/statistics/1175185/residential-real-estate-barriers-buying-a-property/
Building Societies Association, Share of respondents who consider certain issues as barriers to homeownership in the United Kingdom (UK) from 2016 to 2023 Statista, https://www.statista.com/statistics/1175185/residential-real-estate-barriers-buying-a-property/ (last visited July 22, 2024)
Share of respondents who consider certain issues as barriers to homeownership in the United Kingdom (UK) from 2016 to 2023 [Graph], Building Societies Association, February 26, 2024. [Online]. Available: https://www.statista.com/statistics/1175185/residential-real-estate-barriers-buying-a-property/
