First time buyers still shut out of housing market - 16th July 2008
A new report from the Royal Institution of Chartered Surveyors warns that low income couples who are first time buyers stand no chance of getting a home of their own because of rising mortgage rates and lenders’ requirements for large deposits.
“Lenders are forcing would-be buyers to put up more money for deposits and given that real income growth has stagnated, getting onto the housing ladder is now only slightly below the all-time worst level seen in the third quarter of 2004,” says the RICS report.
At the same time, Conti Financial Services is seeing an increasing number of first time buyers opting to purchase property abroad after finding themselves priced out of UK the market.
Simon Conn, Conti’s Sales & Marketing Director, says: “People are either choosing to commute to the UK from areas like Normandy, or are making sure they get a foot on the ladder in another country.
“When it comes to getting a mortgage on a property here in the UK, they have helped themselves because they will be able to show they’ve been keeping up with payment with their property overseas. Lenders are recognising this.“
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