Despite falls in house prices, getting a mortgage and buying a home has become even harder for first-time buyers . Figures from the Royal Institution of Chartered Surveyors show that lower numbers of mortgage products available to first-time buyers with a small deposit has negated any positive impact of house prices falling.
According to RICS, the average first-time buyer must have a deposit approaching £28,000 in order to fund a home purchase, including stamp duty and legal fees. The costs of home ownership have increased considerably in the last eight months.
Senior economist at RICS, David Stubbs, reportedly commented: "Access to the housing market has deteriorated as the credit crunch has taken hold of the mortgage lending sector. With mortgage approvals declining, the picture does not look like improving in the latter part of 2008, and first-time buyers will find their path to home ownership increasingly blocked."
S
Mr. Stubbs reportedly concluded: "Those who are able to access the housing market will find that a bigger deposit will mean that mortgage repayments are reduced, but with real incomes stagnating this will seem like light relief only. Homeowners' finances will continue to struggle, with rising food and fuel costs making the burden of mortgage repayments even more difficult."
First-time buyers hit by mortgage market changes
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First-time buyers hit by mortgage market changes
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