Most
first time buyers have to wait until they are in their 30s to get on the residential property ladder, it has been claimed.
According to research by mform.co.uk, only a third can afford to make a purchase when they are in their 20s. Last year, half of all
first time buyers were in their 20s.
Francis Ghiloni, mform marketing director, said the end of the housing market boom ought to be good news for first timers.
This change is being blamed on tighter lending criteria and larger deposits. The fact that house prices have been falling does not seem to offset these problems.
Indeed, the Nationwide Building Society is reporting the sharpest declines in average house prices in 17 years.
Luckily, many developers - such as Barratt, Redrow and George Wimpey - have made a big effort to entice
first time buyers with shared equity deals and price reductions. Many are also offering to pay stamp duty, legal fees and moving costs.
See Also: Property News (2564)
Date Published: 06 August 2008
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