First-time buyers 'have difficulty getting hold of deposits' despite market improvements

13-Nov-2009

People looking to get onto the first rung of the property ladder are still struggling to find the money for a deposit, despite recent signs of market recovery.

This is according to mortgage advice specialist Helen Adams, managing director of FirstRungNow.com.

She commented on the recent Council of Mortgage Lender (CML) figures that show a two per cent increase in the number of home loans between August and September.

Ms Adams said that while this is an indicator of improvement in the housing market, it still remains "extremely difficult" for first-time buyers to purchase a property.

"It is still the ones without a deposit [who are struggling]," she said.

"There aren't many first-time buyers with that kind of money, so it's those who do not have parental help [who have difficulty]."

According to the CML report release this month, one-third of people purchasing their first property escaped paying stamp duty in September thanks to the government's zero per cent holiday that ends in December.

FirstRungNow.com - how to buy a house, from finding your first flat or first house, first time buyer mortgages, shared ownership, buying with friends, gifted deposit, part buy part rent - all a first time buyer could possibly need.

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