First Time Property Buyers News: Buyers face expensive options
By: Paramount-Magazine Published Date: 31 Aug 2011 14:42First time property buyers face "limited and expensive options" because of the current state of the housing market, according to PricedOut.
Katy John, press officer for the organisation, pointed out that house prices remain at six times the national salary, while a lack of rental property supply is contributing to rising rents and poor affordability.
"The private rented sector remains the least affordable housing sector, and is also the least secure sector," she noted.
"However, first time buyers are struggling to access the alternative and are unable to get a foot on the housing ladder as a result of the shortage in supply, high house prices and the requirement to save up a large deposit - made all the more difficult by low interest on savings, student loan repayments, static wages and high inflation."
Ms John's comments came after Halifax research suggested it first timers would be £100 a month better off it they bought a home rather than renting.
