Uphill struggle for first time buyers

As the curtain finally closes on one of the government’s remaining HomeBuy schemes designed to help first time buyers, aspiring home-owners call for more help.

Related topics:  Mortgages
Millie Dyson
5th October 2010
Mortgages
A survey amongst over a thousand wannabe property-owners tells us that 93% of them think the state should  do more to help them. In addition, over 70% of them say it’s most likely they will need help with the deposit or mortgage from their parents.

Helen Adams, founder and Director of first time buyer website FirstRungNow.com comments:

“We hear in the news that mortgage completions, particularly among first time buyers are at lowest levels  and that those taking that first step onto the property ladder are charged a premium by lenders. Surely  something has to be done.

"Leaving the market to its own devices will lead to a social divide in our community  between property owners and tenants based on who has parents wealthy enough and willing to help.

"The government needs to look at how it can help the industry back on its feet, whilst mortgage lenders should be  incentivising first timers, funding that help from those further up the chain or other sources.”
More like this
Latest from Property Reporter
Latest from Protection Reporter
CLOSE
Subscribe
to our newsletter

Join a community of over 30,000 intermediaries and keep up-to-date with industry news and upcoming events via our newsletter.