First-time buyers 'may have difficulty getting onto the ladder'

26-Aug-2009

First-time buyers trying to get onto the property ladder may encounter difficulties in the current climate.

This is according to the Council of Mortgage Lenders (CML), which has stated there are still concerns for people looking for their first property, despite a decrease in house prices.

Bernard Clarke, spokesperson for the CML, said lower prices encourage new buyers, but other obstacles may stand in their way.

"They will be constrained by things [such as] some of the difficulties in obtaining a mortgage [and] coming up with some of the sizeable deposits that first-time buyers are paying," he explained.

Mr Clarke added there are also worries about the economy, job security and future house prices, that could potentially put off first-time buyers.

The CML's latest figures show an increase in mortgage activity during June and July, which is a typical seasonal rise.

It stated the rise is most likely due to a rise in house purchases, as opposed to remortgaging activity.

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