FTBs cannot afford to buy says National Homebuyers
Single first-time buyers (FTBs) may find it "impossible" to make it onto the property ladder, spelling bad news for anyone seeking a fast property sale.
[UKPRwire, Tue Mar 04 2008] That is according to website Fool, which said that single FTBs are struggling to save up enough money to buy a house.
It means that fewer people are able to make it onto the property ladder, reducing demand and therefore prices.
This is bad news for homeowners and may lead to a surge in people seeking a fast property sale in order to make as much money as possible from the sale of their properties.
"I think the market is such that a single person on a single wage will [find it] impossible to get onto the housing ladder. In London in particular, you're talking about ten times the average salary just to get onto the housing ladder," said David Kuo, head of personal finance at Fool.
Quick house sale expert Julian King of National Homebuyers says, "Rising costs such as stamp duty are preventing FTBs from making it onto the property ladder".
Mr King is a director of National Homebuyers, the UK's leading fast property buyer for homeowner who want a quick sale.
"Fewer first time buyers means a severely limited number of buyers for each property, which will perpetuate the slowdown in the market.