Semi-detached out of first time buyer reach

31-Jan-2006

Semi-detached houses are out of the price range of the majority of aspiring homeowners, says new research.

Click here to see what properties are on the market in your area – whether you buy alone or with others

A survey conducted by Halifax found that first time buyers in 87 per cent of UK towns were unable to buy a semi-detached property in 2005, compared to 41 per cent in 2002.

Meanwhile, buyers in 50 per cent of towns were priced out of the terraced homes market, an increase of 22 per cent over the last three years.

To find out what you can borrow, even if you are in an adverse credit situation click here

Flats and maisonettes were popular with 32 per cent of buyers questioned, while detached homes only accounted for five per cent of first time buyer purchases last year.

The survey also revealed that Gerrards Cross in Buckinghamshire is the least affordable town, with houses costing around 17.8 times the average first time buyer wage.

Potential buyers are advised to stay clear of the majority of areas in the south-east and to try their luck in Lancashire, Scotland and Wales, where affordable properties are more likely to be found.

For advice on first time buyer mortgages or to find out how much you can borrow and how much it will cost you, from the UK’s leading High Street Brokers, Bradford and Bingley, click here

For our first time buyers guide to buying a property click here

2008: May | Apr | Mar | Feb | Jan

2007: Dec | Nov | Oct | Sep | Aug | Jul | Jun | May | Apr | Mar | Feb | Jan

2006: Dec | Nov | Oct | Sep | Aug | Jul | Jun | May | Apr | Mar | Feb | Jan

2005: Dec | Nov | Oct | Sep | Aug | Jul | Jun | May | Apr | Mar