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UK still aspires to be a nation of homeowners

Almost a quarter (23%) of new and aspiring homeowners also believe buying is an investment for the future.

However there is a marked difference in views across the UK. The survey revealed that it’s those in the South East who are the most focused on their finances with 42% agreeing that it makes financial sense compared to just 25% in the east of the country.

Meanwhile a third of those surveyed in the Midlands said they believed it was an investment for the future, compared to just 9% of respondents in Wales. The Welsh, however, revealed that it’s the idea of home ownership which appeals to them with more than a third of those surveyed (36%) admitting they are looking to buy a home simply because they want to be a homeowner. This compares to just 8% of those in London and only 9% of those in Scotland.

More than half of those surveyed (56%) said they rented a property before buying their first home, although 7% admitted they had to give up their rented property and move back in with parents or a friend or family member in order to save for a deposit.

In the North West more than two thirds (70%) of respondents rented before buying their first home. It was a different story in Wales however with just over a third (36%) opting to stay with their parents or a family member.

Andrew Pearce, Retail Director for Clydesdale Bank, said: "We understand how difficult it can be to take the first step onto the property ladder and are one of the few lenders still offering 95% mortgages to support first-time buyers.

"We remain committed to helping people buy their first home and are there to guide and support them through the whole process."

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