FTBs 'struggling to deal with house price rises'
04-Feb-2010
First-time buyers (FTBs) may have been dealt another blow by the news that house prices are continuing to rise.
According to the Halifax House Price Index, the cost of property in the UK increased by 0.6 per cent in January - the seventh consecutive month of expansion.
Since reaching a record low in April 2009, prices have now risen by an average of £15,287 - a sum that has proved impossible to find for many
FTBs.
Explaining the problem facing
FTBs, Halifax's chief economist Martin Ellis said: "The marked reduction in interest rates over the past 15 months has, from a low base, boosted housing demand from those with a sufficient deposit to enter the market."
But would-be
FTBs without the required deposit are left wondering how to make their move on to the first rung of the property ladder - with some turning to a
shared mortgage or
shared equity mortgage.
The Halifax House Price Index recently showed that house prices more than doubled during the last decade.
How to buy a house from finding your
first property,
first time buyer mortgages,
mortgage advice,
shared equity,
shared ownership,
joint ownership,
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HomeBuy. All a
first time buyer could need as well as first time buyer news at FirstRungNow.com.
Shared mortgages could be popular as lending cutbacks continue Rising house prices may be making it tough for FTBs Doubling of house prices 'makes life more difficult for FTBs'
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