Housing market ‘less accessible’
Article Category: Debt Management Help and Advice
Britain’s housing market is now considerably less accessible than it was 12 years ago.
Figures from the Royal Institute of Chartered Surveyors (Rics) has revealed that a couple on low quartile earnings now have to save 104 per cent of their annual take-home pay to cover the deposit, stamp duty and other buying costs.
In 1996, that figure was just 23 per cent.
"At the start of 2008, first-time buyers are finding it even harder to get a foothold on the housing ladder and the signs are that conditions are unlikely to get better in the short term," said Rics senior economist David Stubbs.
"Mortgage lenders are demanding ever higher deposits as the credit crunch continues to take effect."
This year is expected to see the housing market slow and interest rates fall, but lending conditions are likely to remain tight, which is not good news for anyone looking to buy their first property.
People with bad credit histories are likely to find it especially difficult.
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