National Homebuyers: 'FTBs cannot afford to buy'
Young buyers are struggling with financial difficulties and are therefore finding it increasingly difficult to make it onto the property ladder.
[UKPRwire, Tue Mar 04 2008] That is according to Firstrung, which blames the increasing popularity of buy-to-let for pushing house prices out of reach of first-time buyers (FTBs).
The firm has reacted angrily to figures from the Council of Mortgage Lenders (CML), which revealed that buy-to-let lending has increased.
"Quite frankly I was left stunned by the incredulity of the CML boastful proclamation," said Paul Holmes from Firstrung.
"The fact that the number of buy-to-let mortgages finally reached the one million mark is no cause for celebration amongst a generation of disenfranchised and priced out first-time buyers," he added.
However, although prices have increased in recent years, taking them out of reach of many FTBs, the fact is that new buyers simply cannot afford to buy properties in the current UK market.
Fast property sale expert Julian King says, "This means fewer buyers are entering the market, leading to reduced demand and falling prices, potentially leading to financial difficulties for many homeowners.
"Homeowners facing financial difficulty should consider a quick property sale away from the traditional open market [estate agency] route to avoid delays, costs and the uncertainty of achieving a sale at all."
National Homebuyers are the UK's leading quick property sale company, guaranteeing an offer on any property in the UK, regardless of its condition or location.