Despite a stagnant housing market and rising inflation, Britons remain upbeat about their chances of buying a new property – but not just yet.
According to research from Santander Mortgages, one in four of the adult population plans to buy a property in the next five years. But only 6% of prospective buyers intend to buy in the next 12 months and just 7% within two years.
The research, conducted among existing and non-homeowners, found that young people expect to be the most active over the next five years, with nearly half of 18 to 34-year-olds (48%) intending to buy a new home in the next five years. This compares to one in five 35 to 54-year-olds (21%) and 12% of those aged 55 or over.
Almost two-thirds (61%) of those who intend to buy a property in the next five years are currently married or living together with a partner.