New research has indicated many adults are still quite hesitant in believing access to mortgage lending has improved in recent years. Only slightly more than 10% of adults questioned believe mortgages have become more accessible within the last five years. According to Precise Mortgages, this figure is a distance from the figure of almost 30% recorded in research just last year.

Many reasons for the pessimism exist. Saving for a deposit is one of the more prominent reasons for the negative feelings towards property ownership. Renters are having more of a successful journey in their quest to find a residence. Simply finding affordable housing and then obtaining a reasonable agreement are the only two challenges renters face.

The average price of a property is now over the £200,000 threshold, with no end to the increase in sight. This is one more reason many adults see rising questions as to whether owning property is a possibility or not.

Alan Cleary with Precise Mortgages commented on the latest data findings, saying: “Prospective home buyers are feeling more positive about their ability to save and find an affordable property, but with consumer sentiment towards mortgage accessibility falling in the last year, the industry has a vital job to do in reassuring prospective home owners.”

Cleary continued: “The mortgage industry should serve prospective homebuyers, and we must dispel the belief that lenders continue to favour large deposits and are unforgiving of those with blemishes on their credit record.”

He added: “There are specialist lenders in the market ideally placed to help navigate the obstacles potential home buyers face, but there is still more to be done across the wider industry. Ensuring that all viable home owners have access to mortgage products should be the aim of the industry as a whole.”