Unlocking homeownership for first-time buyers

The Building Societies Association’s latest Property Tracker survey, conducted in January 2026, shows that the barriers preventing would-be homebuyers from achieving their aspiration remain financial – raising a deposit (64%), affording monthly mortgage repayments (50%) and access to a large enough mortgage (45%) – rather than attitudinal. 

With the main obstacles tightly clustered around mortgage affordability and availability, changes to lenders’ products and policies have the potential to unlock significant first-time buyer activity. Building societies are already leading the way, offering flexible mortgage products tailored to individual circumstances, helping turn first-time buyer aspirations into homeownership. This momentum is expected to continue into 2026.

Job insecurity and Stamp Duty costs could slow market activity

While first-time buyers are waiting to act, pressures on older age groups may restrict movement across the wider housing market.

The research highlights that barriers facing older adults may limit the number of properties coming up for sale, and in turn slow down activity for would-be buyers further down the chain.

A third (33%) of people aged 55 and over say concerns about job security is an obstacle to buying a home, while three in ten (30%) in this age group cite stamp duty costs as a barrier. Both pressures have intensified over the past year, up from around a quarter of over 55’s in January 2025 (25% concerned about job security; 24% about Stamp Duty costs). Together, these pressures risk discouraging older homeowners from moving, reducing the supply of homes coming on to the market.

Paul Broadhead, Head of Mortgage and Housing Policy at the Building Societies Association, said:

“We are starting to see more encouraging signs for first-time buyers. The aspiration to own a home is clearly strong, with potential buyers sensibly waiting for the right moment.  As lenders continue to innovate and affordability pressures begin to ease, we are seeing how flexible mortgage products are turning that pent-up demand into homeownership. 

“But unless the barriers which are starting to impact older buyers, including lack of job security and concerns about Stamp Duty costs, are addressed, movement across the wider housing market is likely to remain constrained.”

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Press contacts:press.office@bsa.org.uk

Notes to Editors:
The Building Societies Association (BSA) represents all 42 UK building societies, including both mutual-owned banks, as well as 7 of the largest credit unions. Building societies and mutual-owned banks have total assets of almost £677 billion and together with their subsidiaries, hold residential mortgages of £493.4 billion, 29% of the total outstanding in the UK. They also hold £495.6 billion of retail deposits, accounting for 23% of all such deposits in the UK. Building societies and mutual-owned banks account for 47% of all cash ISA balances.  

With all of their headquarters outside London, building societies employ around 52,300 full and part-time staff.  In addition to digital services, they operate through approximately 1,300 branches, holding a 35% share of branches across the UK. 

Notes on the research

1.    Total sample size was 2,104 adults. Fieldwork was undertaken between 9-11 January 2026.  The survey was carried out online.
2.    The figures have been weighted and are representative of all GB adults (aged 18+).
3.    All figures, unless otherwise stated, are from YouGov Plc.

 
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