First-time buyer numbers down
Tough times for first-time buyers
Thursday, 10, Apr 2008 09:52
The number of first-time buyers in the UK property market is in decline according to the Home Sale Network (HSN).
Figures released by the organisation - which represents 750 independent estate agents - show first-time buyers accounted for some 14 per cent of the market in the first three months of 2008.
This is down from 17 per cent of the market in the same period of 2007.
However, in response to the difficulty of getting on the property ladder, the HSN has noted an upward trend in the number of first-time buyers clubbing together in order to acquire a property.
The majority of the group, some 81 per cent, of first-time buyers share the cost of a property with a partner, while 14 per cent have joined forces with family members to cover the cost of buying their first home.
Just five per cent have bought with friends.
In March the national average price for properties in the UK was £284,209.
Based on that figure the HSN argues for a ten per cent deposit, buyers would need to have £28,420 - which may well be beyond the reach of many first-time buyers.
"Buyers are having to find new ways to get the necessary funds together to get on the to property ladder, whether that's buying with their partner, a group of friends or a family member," said David Panksaid, a HSN member from Leeds.
"The good news is that the first-time buyer properties start at well below the national average," he added.