Biggest barrier for first-time buyers is size of deposit, says survey
Almost half of first-time buyers believe that affording a deposit is the biggest barrier when it comes to buying a property, according to survey.
The research, carried out this month by Findaproperty.com, revealed that 49 per cent of first-time buyers claim the "difficulty of getting together a large enough deposit" proved to be the largest barrier in buying a home.
Although deposits have decreased from December 2008, the average "effective" deposit still stands at £51,700.
However, around a fifth (21 per cent) of buyers said that a lack of mortgages available was a problem and 12 per cent blamed a "shortage of suitable properties on the market".
Furthermore, the average house price in Britain has risen by £700 this month.
This new research will be important to people looking to move into their first home and they may now consider looking for property to rent in the London borough of Hammersmith & Fulham, or indeed anywhere in the UK, rather than buying.
By Chris Price
Published 22nd March, 2010
© 2010 Estates IT Limited
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People looking for property to rent in the London borough of Hammersmith & Fulham or anywhere else in the capital, will be interested to know about a survey revealing first-time buyers must find £50,000 for deposit.