'FTBs face continuing obstacles'
first-time buyers in London and the rest of the UK face "continuing obstacles" when trying to get on the property ladder, it has been suggested.
The Royal Institution of Chartered Surveyors (RICS) warned that it is unknown what effect issues such as increasing unemployment may have on the market.
Lenders asking for high deposits for mortgages have also been widely cited as another reason for any hold-up in the housing market.
With the situation as it is, people may find that property to rent in Greenwich and flats to rent in Lambeth provide a more affordable property option.
RICS comments come after the Bank of England revealed there were 43,200 mortgages approved in May - a figure 57 per cent higher than the one recorded in November 2008.
"The improving picture still needs to be kept in some context," said the chartered surveyor group, because figures are considerably lower than those which would "typically be expected even in the midst of a recession".
Written by Andy Britten
Published 2nd June, 2009
© 2009 Estates IT Limited
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As first-time buyers continue to face a battle to get on the ladder, is renting a property the best option?