People on the first rung of the property ladder 'very important' for housing market

29-Oct-2009

People on the first rung of the property ladder have been described as essential for the development of the property market by one commentator.

This is according to James Chatt-Collins, assistant director of sales at Metropolitan Home Ownership, an organisation dedicated to helping people find affordable housing.

He said first-time buyers are a demographic necessary for the maintenance of the sector.

This is because they tend to opt for homes at the cheaper end of the market. However, Mr Chatt-Collins pointed out that if there were fewer of these homebuyers, this segment of properties would be bought up by buy-to-let investors.

He commented: "There are some questions over the long-term sustainability of that. In that sense, first-time buyers are very important."

Furthermore, Mr Chatt-Collins noted a relatively consistent number of first-time buyers lodging applications with the organisation, despite them having little money.

"We assume that they are getting that through parental support in the majority of cases," he said.

According to a Lloyds TSB report published recently, 70 per cent of parents with children over the age of 18 believe now is the best time for them to step onto the property ladder.

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