Regional differences are acting as barriers to those looking to step onto the property ladder for the first time, research by Coventry for intermediaries has indicated.

The Society’s latest findings showed that first-time buyers in particular areas of the UK are finding it more challenging to secure a mortgage than others.

Over two-fifths (41%) of first-time buyers in the North East said they are finding it difficult to secure a mortgage, a significant contrast to the South West, where just 18% of homebuyers reported these difficulties.

In the South East, where house prices are over 20% higher than the national average of £282,000, 30% of first-time buyers also reported that they have found it difficult to get on the ladder.

London’s homebuying landscape presented its own story, with 87% of first-time buyers in the region reporting that the current economic climate has prompted them to delay their home purchase – higher than any other region.

“Our research suggests that many first-time buyers are continuing to face difficulties securing a mortgage, in some cases delaying their plans to step onto the ladder,” said head of intermediaries at Coventry for intermediaries, Jonathan Stinton.

“The reasons behind these challenges are different from region to region, influenced by factors such as varying house prices, upfront costs, mortgage products and economic conditions that can impact affordability and financing options.

“Wherever first-time buyers are looking to step onto the ladder, brokers are the ones who can give valuable support and guidance. Understanding the different challenges buyers face in different parts of the country, and helping them to navigate the property market, will both help brokers to grow their client base, and ensure that borrowers are getting the best possible outcomes.”

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