According to Nationwide Building Society, first-time buyers are typically required to provide a 20% deposit when buying their home. This has doubled when compared to 2008, when those interested in buying a home were only required to find 10%.
Robert Gardner, Nationwide’s chief economist, claims affordability is part of the problem, especially for first-time buyers.
“The weakness in buyer demand is partly a reaction to the uncertain outlook for the economy, especially the labour market. But affordability is also part of the explanation – in particular, finding a sufficient deposit,” Mr Gardner said.
Despite this struggle for deposits and the slowing down of the ‘sell house quickly‘ market, Nationwide have said that affordability has improved on some measures due to low interest rates providing welcome relief. This has allowed the sale of properties to become much easier in a time of difficulty.
Since 2007, initial mortgage payments as a percentage of take home pay have fallen to 31% from 46% for a first- time buyer borrowing with a 20% deposit.
February 20, 2012 at 10:46 am | Sell House Quickly |
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