First-time buyers 'need large deposit' to buy property in the UK
Those planning to buy their first home currently need to raise a deposit of around 30 per cent, it has been found.
According to Moneyextra.com, first-time buyers are finding it increasingly difficult to enter the market, something that may prompt people to choose flats to rent in Dulwich rather than make a purchase.
The site explained that the average loan-to-value of a mortgage for this group was 82 per cent a year ago, but this has now fallen to 71 per cent.
In addition, lending across the sector was at a two-year low at the beginning of March.
Mortgage expert at the site Richard Mason explained that financial institutions are currently "being very prudent", adding: "It's difficult to get on the ladder without a good deposit."
Earlier this week, a study by first direct revealed that 15 per cent of Londoners are delaying decisions over property due to the volatility of the market.
Published 17th April, 2009
© 2009 Estates IT Limited
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Those planning to buy their first home currently need to raise a deposit of around 30 per cent, it has been found.