First-time buyers' houses 'cheaper'
first-time buyer homes are typically cheaper than those purchased by Britons looking to climb up the next step of the property ladder, it has been claimed.
According to a report by lovemoney.com, analysing data from the Halifax House Price Index, first-time buyers also have lower wages and are likely to have only been able to save a small deposit, meaning they are unlikely to be able to stretch to the high prices home movers fork out.
"Absolute returns in pound terms are lower for first-time buyers, because they buy cheaper properties when they start out," the study claimed.
It also revealed that new properties may also not see the best returns when it comes to selling.
Such news may put some Britons off from buying, if they can only afford either a new build or first-time buyer home.
As a result, they could find that flats to rent in Islington or another part of London are a more attractive option.
Ben Wilkie, editor at What Mortgage, recently advised people who are thinking of buying a home to consider a long-term mortgage, as this could be cheaper.
Written by Ben Carter
Published 10th December, 2009
© 2009 Estates IT Limited
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The wages of first-time buyers are likely to be lower than other buyers, which may make it harder for them to move, it has been said - which could see more Britons in that position choosing to rent.