Welsh anxious about deposits

Of the 1000 people surveyed 42% saw the deposit as the greatest obstacle in Wales compared to 12% in East Anglia, 15% in the North East and 13% in the East Midlands.

Conversely when asked about buying properties as a whole, just 8% in Wales said ‘being priced out of the home I want’ was the greatest challenge compared to 27% in the North East, and 28% in London and the South West.

Chris Marshall, sales and marketing director at Bishop’s Move, said: “This paints a clear picture of the state of the housing market throughout Wales. These figures show that, despite house prices rising, properties in Wales are amongst the most affordable in the UK.

“However, the challenge for those looking to get onto the property ladder is mortgage affordability thus putting income levels against interest rates into the spotlight once more.

“Figures released in early July from the Department of Work and Pensions showed that Wales has some of the highest levels of ‘absolute poverty’.

“Its Households Below Average Incomes survey showed that in 2012/13 24% of workers in Wales live on low incomes after housing costs. There is an issue here which needs to be addressed before the people of Wales get left behind.”

A further 17% in Wales were most worried about tighter criteria with the Mortgage Market Review, while 10% were concerned about being sucked into the 3pc stamp duty threshold.

Wales has the highest percentage of people on low incomes in the whole of the UK according to the Department of Work and Pensions.