First time buyers urged to seek advice

05-Sep-2006

Breaking First Time Buyer News from FirstRungNow: First time buyers have been urged to seek independent financial advice as the disparity between property purchasing ideals and reality grows.

A total of 83 per cent of British teenagers are confident they will be able to buy a property in the future, although 5.8 million aspiring first time buyers cannot afford to get onto the first rung, data from IFA Promotion reveals.

Meanwhile, the organisation highlighted the need for first time buyers to seek advice.

Karen Barrett of IFA Promotion said: "The British obsession with owning your own home clearly starts young but the unrealistic expectations are coupled with a shocking lack of knowledge about the home buying process."

Ms Barrett indicated that "80 per cent know nothing, or little, about buying a property or mortgages".

"The need for advice is palpable and arguably it is the first time buyer who would benefit from independent financial advice the most, so we urge first timers to make their mortgage choice a priority and ensure they visit an IFA for advice," she added.

Separately, Halifax revealed that the number of first time buyers fell to its lowest level since 1980 last year.

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