Mortgage payments 'the main obstacle to buying property'

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Affording mortgage payments has been found to be one of the main obstacles to buying property in the UK, according to new research.

The study by the Building Societies Association (BSA) found that while nearly a third of people consider now to be a good time to buy a home, 70 per cent feel that monthly repayments are the biggest barrier to their decision to do so.

Other issues such as getting a sufficient mortgage or deposit, as well as further falls in property prices, were also highlighted as reasons not to buy.

Adrian Coles, director-general of the BSA, said the findings demonstrate "the extent to which household finances are being stretched, as well as a reflection of the increased price of risk now incorporated into mortgage rates".

He added that the study had also shown that "concerns about the wider economy are not currently undermining the housing market".

The release of the research has come after David Black, principal consultant of banking for Defaqto, stated that speed "is of the essence" for borrowers looking for a good mortgage deal.

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