Minister suggests FTB’s club together
The average age of new buyers able to take that first step on to the UK property ladder has risen to 37 according to the Council of Mortgage Lenders.Ever since the world-wide banking crisis occurred the UK property market has suffered a shortage of first time buyers, last week young people hoping to leave home and move into their own property were given some advice to help them on their way.
UK housing minister Grant Shapps suggests that in today’s harsh economic climate young people should consider pooling financial resources with friends to enable them to buy a property. The average deposit needed today is around £26,500 – a figure well out of the reach of many young potential buyers so buying a property with a friend could well be the way of the future for the next generation of British homeowners.
Several UK lenders have already noticed an increase in joint mortgage applications between siblings and friends.