The survey found that 64% of respondents found raising a deposit the biggest barrier, followed by 50% who said affording monthly mortgage repayments and then 45% who found access to a large enough mortgage was a challenge.

With the main obstacles tightly clustered around mortgage affordability and availability, BSA suggests changes to lenders’ products and policies have the potential to unlock significant first-time buyer activity.

While first-time buyers are waiting to act, it says 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 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 when 25% concerned about job security and 24% about stamp duty costs.

BSA explains that together, these pressures risk discouraging older homeowners from moving, reducing the supply of homes coming on to the market.

BSA head of mortgage and housing policy Paul Broadhead says: “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.”