First-time buyers struggle in current climate

Date:Tuesday 17th August 2010
Author: Max Freedman

First-time buyers may still be struggling to get on the property ladder as their numbers have not increased in some time.

According to Ray Boulger, senior technical manager at John Charcol, the amount of activity from buyers looking to take out their first mortgage is no greater than that of people looking to move properties.

Mr Boulger stated that this is due to the "big deposits that are needed which will tend to be more difficult for a first-time buyer to get than a mover".

He added that for many people looking to move house coming up with the money for a down payment will be easier as they already have equity in their current address.

The comments follow a report from the Chartered Institute of Housing, which claimed that it was the in-between buyers who needed the most help, as they were earning too much to receive social housing but could not afford find a deposit.