Homes 'still not affordable for first-timers'
Purchasing a new home has yet to become an affordable option for first-time buyers, one sector commentator has claimed.
Commenting on a recent Halifax report which suggested such buyers were now finding things more affordable, Paul Holmes, chief executive officer at Firstrung, said it was "disappointing" and "nonsense".
He explained the report noted first-time buyers with a 20 to 25 per cent deposit would find securing a mortgage affordable.
"You point out to me the average first-time buyer up and down the length and breadth of this country that can easily put their hands on a 20 to 25 per cent deposit - there aren't any," Mr Holmes stated.
He went on to state it was not fair to suggest such buyers were finding things easy as the demographic is likely to fall in record amounts due to their inability to get a mortgage.
Such people may find it is more affordable to choose flats to rent in Eltham or another part of London that properties for sale in the same area.
This may particularly be the case as residential prices in the capital are typically far higher than the rest of the country.
Written by Chris Price
Published 8th January, 2010
© 2010 Estates IT Limited
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