First-time buyers 'finding it difficult to get on the property ladder'
People may be encouraged to consider looking for property to rent in the London borough of Sutton or elsewhere in the UK following one expert's comments that buying a residence is increasingly challenging.
Liberal Democrats Treasury spokesman Matthew Oakeshott told the Guardian that even those with their finances in order are facing an uphill struggle.
He remarked: "Credit-worthy first-time buyers are finding it desperately difficult unless they have a substantial deposit."
According to Mr Oakeshott, it is "no wonder" individuals in Britain do not purchase their first house until an average age of 37.
Property seekers will often struggle to obtain the funding necessary for such an outlay, particularly "without the bank of mum and dad" to prop them up, he explained.
The Guardian noted that lending for this purpose has dropped 90 per cent since the highs seen in 2007.
It follows recent statistics from Land Registry that showed the average price of a house in London went up 13 per cent in March, compared with the same period last year.
By Chris Price
Published 5th May, 2010
© 2010 Estates IT Limited
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