The survey found societies believe the main barriers are: raising a deposit; making monthly mortgage repayments; stamp duty; and legal, valuation and other official costs.
Adrian Coles, director general of the Building Societies Association (BSA), said: It is no surprise that with the average house price being almost GBP220,000 raising a deposit is such a barrier for first time buyers. Even a 10% deposit necessitates saving over GBP20,000, a sum out of reach of many potential buyers who have no existing housing equity.
