Deposit requirements 'result in record-low number of first-time buyers'

22-Apr-2010

Published by Joshua Scott

FirstRungNow believes a 20-year low in the number of first-time buyers is not a surprise.

Helen Adams, managing director at the company, says the challenge of obtaining a suitable deposit with which to secure a mortgage is making the task a difficult one for scores of potential home buyers.

She advises young people hoping to get on the first rung of the property ladder to start saving cash or ask for parental help.

Ms Adams' comments were in response to research by GfK Financial that showed 347,000 people bought a home for the first time in the last year - 100,000 down on the previous low, which occurred in 1993.

"I think it is absolutely to be expected because the condition at the moment is that first time buyers invariably need quite a big deposit," she explains.

The figures by GfK also show some 800,000 people would like to become a first-time buyer, but less than half are likely to make it.

How to buy a house from finding your first property, first time buyer mortgages, mortgage advice, shared equity, shared ownership, joint ownership, part buy part rent and HomeBuy. All a first time buyer could need as well as first time buyer news at FirstRungNow.com.

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