If you’re sitting on a property and are wondering who’s going to buy my house fast, you may be interested to hear that the proportion of first-time buyers who do not receive some kind of help with their mortgage has declined dramatically over the last six years.
According to the Council of Mortgage Lenders, the number of first-time buyers has declined from a long-term average of around 500,000 a year to just 200,000 since 2008.
The CML added that affordability for first-time buyers is affected by the size of deposit needed and the monthly mortgage payments.
It continued: “It seems clear that the main affordability challenge for first-time buyers currently is the size of deposit.”
Currently, the average deposit for a first-time buyer is over £26,000, which represents 79 per cent of the average annual income.
The average deposit has doubled since 2007, when it was around £13,000, or 37% of annual income.
December 16, 2011 at 11:28 am | Uncategorized |
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