Lack of first-time buyers 'is not surprising'

Posted by Mark Cunningham

The fact that many young people looking to get their feet on the residential property market feel that owning their home is an unrealistic goal is to be expected due to high prices in the sector.

That is according to Paul Holmes, chief executive officer of Firstrung, who believes this trend is "hardly surprising" because of the nature of the market in the aftermath of the global economic downturn.

Research published last week (May 20th) by moneysupermarket.com revealed that the average age at which Britons now expect to be able to afford their first house has risen to 38.

Mr Holmes noted that such trends are being caused by the "absurd" cost of property in the wake of the recession, which, he added, is "significantly overpriced" in comparison to average earnings.

The expert went on to say: ""There is a lot of pessimism out there - and rightly so. People are fearful of spending money."
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25/05/2011 15:14

News category: Property

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