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Posted by Helen Jones

Prospective homeowners in the UK who are saving up for a deposit to get their feet on the first rung of the country's property ladder may find doing so a difficult challenge.

That is if comments made by Matt Griffith, spokesman for online resource Priced Out are anything to go by, as he believes that a combination of factors such as continually increasing inflation and limited wage rises, coupled with low savings rates, will make this "harder than it has been for a long time" in 2011.

Mr Griffith explained that first-time buyers now face a "significant deposit hurdle", as the current high level of house prices will result in the amount required as a down payment also growing.

These comments come after the release of research by Moneyfacts earlier this week (May 9th), which showed that, for the first time since March 2008, rates mortgages requiring a deposit of ten per cent have slipped below six per cent.
 

13/05/2011 14:17