First-time buyers 'under constraints'
Mortgage requirements are continuing to create "very significant constraints" for first-time buyers looking to take their first steps on to the property ladder, one sector commentator has claimed.
Research from the National Association of Estate Agents has revealed such buyers represented 19 per cent of all property consumers last month, compared to 43 per cent in June 2009 and 11 per cent last December.
However, Lucian Cook, director of residential research at Savills, said that first-time buyers were continuing to have difficulty entering the market as it is so hard for them to accumulate the deposit they need to stay within existing loan-to-value ratios.
"It still may be more cost effective for them to rent. In many respects, I think it is no surprise that they are a low proportion of the market and I think going forward that will continue to be the case for some time," he added.
Property hunters may wish to take heed of Mr Cook's comments and look for property to rent in Fulham or elsewhere in London while they work on saving up a deposit.
And with property prices typically higher in the capital than elsewhere in the UK, they may find they can save money by continuing to rent, rather than climbing on to the housing ladder.
Written by Martyn Glynn
Published 18th December, 2009
© 2009 Estates IT Limited
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Britons planning to buy their first home are likely to continue to experience constraints, it has been claimed, which may mean they wish to look for property to rent in London instead.