Potential homebuyers with £36k deposit waiting for house prices to drop

Résumé détaillé

A poll of 2,000 adults who do not currently own a home found prospective buyers have, on average, around £36,000 set aside for their first property. In London, would-be first-time…

Four in 10 aspiring homebuyers are holding off on buying a property in anticipation that house prices will go down.

A poll of 2,000 adults who do not currently own a home found prospective buyers have, on average, around £36,000 set aside for their first property. In London, would-be first-time buyers have amassed even larger deposits, with average savings standing at more than £46,000.

Half of respondents feel confident they already have enough money in the bank, but are waiting for prices to drop so they feel truly financially secure.

Nearly 45% still want to save a deposit worth at least 20% of their ideal property's value before buying, despite needing only 5% to get onto the property ladder. Another 29% want to ensure they have a substantial emergency fund in place before committing to a purchase.

Oli O'Donoghue, head of mortgages at HSBC UK, which commissioned the research, said: “Wider market conditions can change frequently, which can make people feel they should wait a little longer before making a move.

“While it's natural to keep an eye on what's happening in the market, and there can be a tendency to try and find ‘the right time’ to buy, buying a home is a really individual journey and should also be viewed through a personal lens.

“Waiting for the perfect time could also mean passing up the ‘perfect’ home, so those who are financially ready may benefit from exploring their options, rather than putting their plans on hold.

“Where you are in life, your financial position and your longer-term goals are all important considerations.

“For many people, the decision to buy isn't just about what the market is doing today, but whether they feel ready for such a significant commitment.”

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