Fewer first-time buyers getting on to property ladder despite Treasury proposals
first-time buyers are said to be finding it harder to get on to the property market despite government attempts to make it more affordable to buy.
According to the Guardian, Treasury tax breaks that were designed to encourage more affordable options for first-time buyers have actually created a tougher obstacle to overcome.
The Council of Mortgage Lenders said that the number of first-time buyers loans for house purchases had dropped by 54 per cent.
Jonathan Moore, director of Easyroommate, told the Guardian that conditions for first-time buyers were hard enough before the end of the Stamp Duty holiday in January and that those conditions have only become worse.
Mr Moore suggested that current market conditions meant that young people wanting to buy now had to "squirrel cash away for more than a decade".
As a result, those looking to buy may find that property to rent in the London borough of Islington, or anywhere else in the capital, might be a more realistic option.
By Andy Britten
Published 15th March, 2010
© 2010 Estates IT Limited
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People trying to get on to the property ladder may opt to look for a property to rent in London after tougher conditions reduced the number of first-time buyers.