Life getting harder for first-time buyers

14-Mar-2006

Aspiring homeowners may not be able to get their foot on the first rung of the property ladder, according to a recent survey.

The Roof Affordability Index matches mortgage costs against household claims and has estimated that first-time buyers are subject to conditions 65 per cent higher than those in 1994.

"These figures indicate the slow demise of the housing ladder, which is now completely out of reach for the majority of young people," commented Shelter director Adam Sampson.

Aspiring first time buyers wanting advice on mortgages, to find out how much they can borrow and how much it will cost, should request advice from the UK’s leading High Street Brokers, Bradford and Bingley.

Figures also show that average mortgage payments as a proportion of household incomes rose from 14 to 20 per cent last year.

Mr Sampson went on to say that first-time buyers are now facing a "housing rockface" which is impossible to get on without years of saving or financial help from family.

Aspiring first time buyers worried that their debts, CCJs or poor credit history should consult a good mortgage advisor.

Statistics show that the extreme poor are also suffering as higher council taxes have pushed up the number of people living in temporary accommodation.

It is anticipated that the lack of housing will also place additional pressure on the government who have previously rejected plans to build new homes.

First Time Buyers wanting to find out about the about the legal costs of house-buying or to ask a legal question specific to their own situation, should consult the FirstRungNow lawyer.

Mortgage lenders have risen to the challenge of creating a growing number of options for first time buyers.

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