Young would-be first-time buyers should consider alternatives

10-Mar-2010

Owning a house has become an "unrealistic" prospect for many people in their 20s, who may wish to turn to a shared mortgage or shared equity mortgage as a way of getting on the first rung of the property ladder.

Jane Marr, company director at the Little House Company, says rising house prices and the tightening of lending criteria has made securing a home almost impossible for young buyers.

"I can foresee the situation where people in their 20s do not consider homeownership and that it will only become a realistic goal once in your 30s," says Ms Marr.

Her opinion may add weight to new statistics by Rightmove which show the proportion of first-time buyers in the market has fallen for a second consecutive quarter to 25.8 per cent.

Were the mortgage market strong and healthy, the property experts believe about 40 per cent of the market would be made up of first-time buyers.

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.

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