First-time buyers face increasing difficulties
Published: 14-Feb-2008
This article was brought to you by Rentman the premium property management system
The UK property market is becoming increasingly inaccessible for first-time buyers (FTBs), spelling good news for landlords.
A new mortgage monitor recently launched by broker John Charcol has highlighted the continuing difficulties faced by those trying to get a foot on the property ladder.
Among the findings, it was revealed that the average age of FTBs remained in the region of 33.5 between 2006 and 2007.
The mortgage tracker also discovered that, on average, FTBs borrow nine per cent more of the property value than second or repeat buyers.
Katie Tucker, technical manager for John Charcol, commented: "During the 2006 and 2007 period, loan to value (LTV) ratios for both types maintained a constant level, for both types of borrower, although the LTV average for the last quarter of 2007 was below trend for the year for FTBs.
"The last two quarters of 2007 showed consecutive drops in actual FTB numbers. Whether this is an ongoing trend as a result of the cost of borrowing will require further observation in 2008."
Buy letting agent software that works
