Baby boomer buying 'causes problems for FTBs'

21-Aug-2008

First-time buyers (FTBs) are being put under additional pressure as the older generation buy properties with cash, an expert suggests.

Andy Smith, managing director of 1st Property Investment, warns that as baby boomers are beginning to buy seafront property, FTBs are being denied the same opportunities.

With older people often buying properties with cash due to not having a mortgage, Mr Smith speculates that older people "think that the interest rates are fabulous. It means they earn more income at that stage but for first-time buyers it's a hell of a market to try and get into".

Seafront locations are becoming popular among the older generation as they offer better lifestyle choices, he adds.

Not having to rely on mortgages means that baby boomers have the freedom to live wherever they choose because they want to and not due to economic pressures, the expert continues.

The Halifax Estate Agents Seaside Town Review reported that 18 seaside towns experienced average house growth of at least 100 per cent between 2002 and 2007.


FirstRungNow.com - how to buy a house, from finding your first flat or first house, first time buyer mortgages, shared ownership, buying with friends, gifted deposit, part buy part rent - all a first time buyer could possibly need.

FTBs 'facing worst conditions in 30 years' Landords 'would rather rent out property than buy' Abbey extends exclusive range

2012: Feb | Jan

2011: Dec | Nov | Oct | Sep | Aug | Jul | Jun | May | Apr | Mar | Feb | Jan

2010: Dec | Nov | Oct | Sep | Aug | Jul | Jun | May | Apr | Mar | Feb | Jan

2009: Dec | Nov | Oct | Sep | Aug | Jul | Jun | May | Apr | Mar | Feb | Jan

2008: Dec | Nov | Oct | Sep | Aug | Jul | Jun | May | Apr | Mar | Feb | Jan

2007: Dec | Nov | Oct | Sep | Aug | Jul | Jun | May | Apr | Mar | Feb | Jan

2006: Dec | Nov | Oct | Sep | Aug | Jul | Jun | May | Apr | Mar | Feb | Jan

2005: Dec | Nov | Oct | Sep | Aug | Jul | Jun | May | Apr | Mar