East of England Homebuyers Struggle to Raise Deposit so Barratt Helps

Ringland Park in Norwich by Barratt Eastern CountiesPEOPLE looking to buy a home in the East of England find raising a deposit more difficult than buyers in any other region of the country.

When asked to rate the difficulty of putting down a deposit on a property, 48 per cent of homebuyers in the region rated it as eight or above out of 10. This was higher than any other region of Britain.

Only 42 per cent of respondents nationally said that raising a deposit was such a major issue. And buyers in some other regions said it was much less of a problem, with it being cited by only 31 per cent of buyers in Wales and 36 per cent in Scotland.

The findings come from the Barratt Home Buyers Panel of 2,900 people which has been established to track the changing attitudes of homebuyers and homeowners in Britain. Com Res conducted the field work.

Raising a deposit came ahead of finding a suitable property (44 per cent) as the biggest impediment to home purchase.

32 per cent attributed the same level of difficulty to selling their current home. And 31 per cent said getting a mortgage was as difficult.

Of least concern was dealing with solicitors (16 per cent) and negotiating with sellers (20 per cent). Dealing with estate agents was cited as being difficult by 27 per cent of respondents.

Gary Ennis, Regional Managing Director of Barratt in the East of England, said: “Barratt operates a number of shared equity schemes which could help you buy a home in the area with a deposit of just £6,298. I would urge anyone who would like to buy a home but thinks they don’t have a big enough deposit to call us to find out how we can help.”

For further information please contact Dan Bridgett, Head of External Affairs at Barratt Developments PLC, on +44 207 299 4873 or +44 7721 395501 or dan.bridgett@barrattplc.co.uk

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