Majority did not feel confident that they could get on to the property ladder
A large proportion of potential homebuyers are experiencing significant levels of anxiety regarding their ability to get a foot on the housing ladder, research from gradual homeownership provider Wayhome has found.
Coinciding with the observance of Mental Health Awareness Week, with the theme this year centred around anxiety, Wayhome has released the results of a survey of those who hope to buy a home and were asked how anxious they felt on a scale of one to 10 about not being able to make it on to the property ladder.
A notable 41% marked their anxiety levels at the highest, while a further 40% of those surveyed put their anxiety levels between five and nine.
When asked which factors contributed the most towards their feelings of anxiety, the fact house prices were too high ranked the highest, while the inability to gather a large enough deposit for a mortgage was the second biggest factor. The inability to secure a mortgage even with a deposit saved also ranked within the top three.
The research also found that a majority, or 55%, did not feel confident in their ability to eventually make it on to the property ladder. In addition, 56% stated that societal pressure to purchase a home increased their levels of anxiety, with as many as 40% believing that the anxiety caused by their inability to get a foot on the ladder has had a negative impact on their mental health.
“As a nation, owning our own home is one of life’s primary aspirations and achieving it is a source of great joy and accomplishment,” Nigel Purves (pictured), co-founder and chief executive at Wayhome, commented. “However, for many, it’s a milestone that seems wholly unattainable due to high house prices and the seemingly impossible task of accumulating a deposit and securing a mortgage.
“The pressure many feel because of their failure to have yet made it on to the ladder can lead to heightened levels of anxiety, and it’s understandable that many also feel their mental health is impacted as a result.
“It demonstrates that the need to address the UK housing crisis runs far beyond the simple need to put a roof over our heads, and that much, much more must be done to ensure everyone has the opportunity to own their own home.”
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