Landlord News

HSBC Survey Reveals Property Stalemate

The HSBC has stated that a generational divide is causing the UK housing market to stagnate due to the number of young people that are unable to buy property and the amount of older homeowners that are not willing to sell.
 
Head of Mortgages at HSBC, Peter Dockar, has been quoted saying: “Our research suggests that the current economic climate is of particular concern to younger people who either want to get on the housing ladder or move on to a larger property.”

The 2012 Moving Home Survey revealed that just 12% of us are thinking about moving home or getting onto the property ladder for the first time.

61% of the householders not looking to move were aged 55 and over. They said they were happy with where they were. This compared to just 28% of those that were aged 34 and under.

Of the people that are aged 34 and under who are not planning to buy or sell, 24% of them cited that the main reason was that they did not have a sufficient deposit, whilst 15% said they were concerned that they would not get a mortgage and 14% said that they had fears over employment prospects.

Furthermore, 10% said that they simply did not wish to own a home just yet.

Meanwhile, 36% of those aged 55 and over that were looking to sell said that their main reason was to downsize, whilst 33% said that they wanted to release some or all of the equity their current property held.

Of the younger people looking to buy or sell, 31% said the main motivation was to get onto the property ladder whilst 27% they need more space.