Lending and stamp duty 'may mean difficulty for buyers'
While UK property is now more affordable for first-time buyers, according to one sector commentator, such house hunters are still likely to run into difficulties when it comes to access mortgage finance.
A recent report by Halifax revealed last year, the average price paid by a first-timer was affordable for someone on average earnings in nearly four in ten of local authority districts.
In 2007, only six per cent of areas were affordable.
However, Helen Adams, managing director of FirstRungNow, said while it is "great" to see prices are more accessible, mortgages are still likely to be difficult to get hold of.
"Some people are saving a lot, but unless they have a significant deposit, unless parents are approached, it is very difficult to buy a house in your own right at the moment," she added.
Ms Adams went on to note the end of the stamp duty holiday is also likely to present problems for first-time buyers and she believed the tax should be abolished for first-timers.
People may wish to consider flats to rent in Wandsworth or elsewhere in London while they save up a deposit.
Written by Charles Mackay
Published 5th January, 2010
© 2010 Estates IT Limited
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First-time buyers are likely to experience difficulty in purchasing a home due to lending restrictions and the end of the stamp duty holiday, it has been claimed.