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Deposit demands 'making life tough for first-time buyers'
Posted by Emily Swanson
It is becoming increasingly difficult for Britons to get on the property ladder in the wake of the worldwide financial slump, an expert in the industry has suggested.
According to Helen Adams, managing director at online resource First Rung Now, the size of the average deposit required by prospective first-time buyers in the UK has now reached a level where it represents a "serious problem" for many.
Research published last week (September 17th) by First Direct revealed that the typical downpayment demanded of house purchasers has gone up by around 1000 per cent over the last 20 years.
Therefore, the study noted that 2010 was the most unaffordable year for buying an abode experienced throughout this period.
And Ms Adams explained that such figures are indicative of the trouble individuals face at present.
"With it being so difficult for first-time buyers to save themselves, then the need for them to get help from other places, such as parents and grandparents, is ever greater," she added.
22/09/2011 14:38
News category: Property