Thursday, October 28, 2010

First time buyer dilemma

New research from the Home Builders Federation shows that the average first time buyer would have to save every single penny of their earnings for more than two years to have a chance of getting a foot on the housing ladder. In London it would take three years.

Even over five years, young people have to save almost half of their take home pay every month to save a deposit for a house, with some areas even higher.

This sizable hurdle to buy will prolong the time tenants stay in the rental sector.

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1 comment:

  1. samOctober 28, 2010 at 1:10 PM

    To be honest, when I read the "average" price these FTBs spend on their first purchase I can understand why they have had to wait so long. There are many reasonably priced properties around. I think the issue is more of expectation rather than market availability

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