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Housing market 'still tough for first-time buyers'
Taking the initial step onto the property ladder is set to remain difficult for prospective homeowners in the coming months, according to one expert.
Matt Griffith, spokesman for national campaign PricedOut - which actively lobbies the government for cheaper homes - suggested first-time buyers should make full use of ISA accounts.
The expert went on to suggest prospective householders attempt to put aside a fixed amount of money every month and reduce their overall spending to afford a home.
Mr Griffith noted that saving up a deposit during the current economic climate is a "pretty tough task" due to a number of factors affecting individuals across the UK.
"Rents are rising, inflation is putting pressure on disposable income and real wages continue to decline," he explained.
His comments were made after Halifax reported that first-time buyer affordability has reached an eight-year high despite fewer mortgage application approvals in 2011.
30/12/2011 14:36
News category: Property