'Large deposit needed' for first-time buyers
Those hoping to buy a home are likely to continue to face difficulty in the current market, it has been suggested.
Firstrung has stated that people are increasingly having to consider their job security before deciding to take out a mortgage, in order to ensure they can afford repayments.
And as the market continues to struggle, chief executive officer Paul Holmes noted that average deposits of between 15 and 20 per cent are needed.
"first-time buyers are going to have to save up furiously over the next year or two to save up a decent deposit," he explained.
Mr Holmes' comments come following a recent report by Shelter, which revealed that house prices had risen by 200 per cent over ten years in the UK.
And with Land Registry figures showing the average price of a home in London is now £328,927, those hoping to live in the capital may prefer to rent a house or flat.
Published 26th November, 2008
© 2008 Estates IT Limited
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