'Quite difficult' for first-time buyers
It is "very difficult" for first-time buyers to purchase a new home at the moment, one sector commentator has claimed.
Helen Adams, managing director at FirstrungNow.com, said that this trend was mainly due to the fact that in order to afford a new home, such buyers need to have built up quite a large deposit in order to be eligible for the majority of mortgages currently available.
She was commenting on the recent news that Mansfield Building Society is set to offer a 100 per cent mortgage to first-time buyers.
The offer is limited to people purchasing shared ownership properties through South Yorkshire Housing Association.
"This will just be like the first foray into it, but getting first-time buyers back onto the market again is going to be good," Ms Adams said.
But until affordable mortgage products come to the market, Britons may find that flats to rent in Notting Hill and other London boroughs could be a cheap alternative.
Written by Ben Carter
Published 23rd September, 2009
© 2009 Estates IT Limited
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