Deposit is major barrier to home ownership

As part of a major review called ‘Stepping up to the Mark’, the BSA asked its members what prevents people from buying a home, and what they are doing to assist first time buyers. Building societies found four main barriers to home buying in the UK: raising deposits, making monthly repayments, stamp duty and legal and valuations costs. Commenting on the findings, Adrian Coles, director general of the BSA, says: “It is no surprise that with the average house price being almost £220,000 (CLG figures), raising a deposit is such a barrier for first time buyers. Even a 10% deposit necessitates...