FTBs 'facing worst conditions in 30 years'

19-Aug-2008

First-time buyers (FTBs) are experiencing the worst conditions for getting on the property ladder in over 30 years, a new report suggests.

Research from US bank Citigroup shows that the cost of a deposit and year's payments combined equates to the FTB parting with 69 per cent of their income.

This is the highest ratio since 1974.

According to Nationwide, the average deposit on a property by a FTB is now £17,300, compared to £13,160 last year.

Website Globrix conducted research for the Observer which highlighted how homeowners are beginning to lower their house prices in an attempt to sell their properties.

The same research discovered that in Manchester, the average house price has decreased from £175,000 to £173,200 since February this year.

Lower numbers of mortgage approvals fail to make the drop in house prices beneficial to FTBs.

Last month, Nationwide revealed the cost of a house is now around £15,000 lower than this time last year.



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