Estate agents 'blocking FTBs' efforts'
London Estate Agents are placing ever-larger obstacles in the way of first-time buyers (FTBs), it has been claimed.
Industry website HomeownersAdviceCentre.co.uk has said that would-be buyers are being charged "extortionate fees" by agents who are keen to capitalise on their inexperience.
At the same time, the tightened availability of credit has resulted in many mortgage products been taken off the market - making it even more difficult for prospective buyers to find London property.
Commenting on the state of the owner occupier market, HomeownersAdviceCentre.co.uk spokesman Al Elliott said more should be done to simplify the process of buying a home.
"The process is archaic, and conveyancers leverage homebuyer's ignorance of the process to charge extortionate fees," he complained. "However, its not the fees associated with buying that is hindering FTB getting on the ladder, it's the shortage of relevant mortgage products."
According to the Royal Institution of Chartered Surveyors, an FTB couple in the lowest-earnings quartile would have to save over 100 per cent of their joint take-home pay to meet the average £27,738 up-front cost of buying a typical home.
Published 30th July, 2008
© 2008 Estates IT Limited
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London Estate Agents are placing ever-larger obstacles in the way of first-time buyers (FTBs), it has been claimed.