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The future is renting according to FTB's
New research shows how people's perception of the value of property has changed since the recession and ensuing property crash. According to a survey by a popular price comparison website nearly a third of first time buyers feel they have no chance of ever being able to make that first rung on the UK property ladder and thousands more expect to be approaching middle age before they can even think of owning their first home. Outside of the London property market the average first time buyer expects to be in their late 30's before they are able to afford a mortgage, in the capital the average new buyer expects to be 43 before they can take the first step into home ownership. The average deposit required by lenders is around 23 per cent of the property's value so even a relatively small mortgage of £100,000 would require a down payment of £23,000. © Copyright
Published: 26-May-11
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