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FTBs 'battling to enter less affordable' housing market

21-Jan-2010

Housing in Britain is less affordable and more difficult to purchase than it was 50 years ago, a new study by Halifax has revealed.

Since 1959, the price of property has increased by 273 per cent - at an average of 2.7 per cent each year, compared with a typical wage increase of just two per cent.

First-time buyers (FTBs) trying to get on the property ladder now could face the toughest battle of all time, with house prices in the last decade growing faster than during any other period.

One glimmer of hope for FTBs could come in the form of rental figures - which suggests that both the private rental market (33 to 14 per cent) and the social rental sector (25 to 18 per cent) have both decreased in size since 1961.

This could be freeing up more homes for outright purchases - such as those made by FTBs.

However, with prices back on the rise it could take an unobtainable amount of cash for many to secure one.

The Times recently warned FTBs that they may need as much as 20 per cent of a home's value as a deposit if they are to enjoy a good choice of mortgages.

How to buy a house from finding your first property, first time buyer mortgages, mortgage advice, shared equity, shared ownership, joint ownership, part buy part rent and HomeBuy. All a first time buyer could need as well as first time buyer news at FirstRungNow.com.

Return of buy-to-let investors 'is bad for FTBs'
FTBs 'not helped at all by low interest rates'
FTBs "still struggling to find huge deposits required by lenders"

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