First time home buyer news: Welsh finding it hard to get onto property ladder

01-Jun-2006

First-time homebuyers in Wales are finding it increasingly hard to get a foot on the first rung of the property ladder, according to latest research.

Figures from the Principality Building Society show that the average cost of a home in Cardiff is £178,792, which is just under two per cent more than last year, reports the South Wales Echo.

Research shows that the areas of Adamstown, Splott, Danescourt and Tremorfa are the areas attracting the most first-time home buyers.

"Young people are becoming increasingly innovative to get a foot on the housing ladder," comments Tracy Morshead, managing director of Principality.

"They are grouping with friends to afford to buy and are turning to their parents for financial support. Mortgage lenders are also adapting their products to help first-time buyers."

She went on to say, however, that there is a danger that the increased cost of housing in the Welsh capital may create a socially divided country as those with parents who can help out are benefiting while others are being left behind.

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