July 17, 2008
First time buyers find it hard
First time buyers are having to come up with a whole load of cash in order to get that first step on the property ladder according to the Royal Institution of Chartered Surveyors first time buyers need to find around £27,738 just to get the key to the door of their new home and these are the people who are at the very bottom of the property ladder.
It is this huge amount of cash that is required to buy that first home, which is having a serious effect on the housing market, without first time buyers there is little chance of other home owners being able to move on up to the next level.
However this is not going to get any better, in fact the cost of getting those first steps on the property ladder are set to rise, causing the further problems for the housing market as sellers are unable to sell their homes.
Source [UK Credit Report 4 Free]
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