First time buyers want 'more help' to get on property ladder's first rung

05-Dec-2006

A majority of first time buyers do not feel that enough is being done to help them cope with the difficulties of rising house prices, a study has revealed.

According to a Council of Mortgage Lenders (CML) survey, conducted by YouGov, nearly 90 per cent of prospective first time buyers believe that it is now "very difficult" for people to purchase their first home.

A further 99 per cent of people voiced their concern over the debt levels taken on by first time buyers in recent years, with just under 80 per cent believing that first time buyers should receive help from the government to mitigate the effects of rising prices.

"These results confirm that first time buyer affordability is a major concern to people," said Bob Pannell, head of research at the CML.

"While the CML recognises the potential distortions that fresh intervention can create, we do think that the government needs to act," he added.

Although the government was the first choice of respondents for the provision of support, 66 per cent believed that help for first time buyers should come from local authorities, while 61 per cent believe that mortgage lenders should do more.

The CML is the UK's representative organisation for mortgage lenders.

As the market for first time buyers toughens, new companies are offering new services to help first time buyers buy new properties by working with the house-builders.

To find out more about all the different and creative and innovative mortgages designed specifically for first time buyers click here.

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