Year's salary needed for house deposit
first-time buyers are expected to need a year's earnings in order to get a foot on the property ladder, according to new research.
Figures from the Royal Institution of Chartered Surveyors (RICS) show that people need a total of £27,738 to pay a deposit, fees and stamp duty on a first home.
This statistic is more that the total take home salary of a quarter of young couples, the research revealed, which could indicate that more people will look into the rental market.
Harriet Harman, standing in for the prime minister in the Commons yesterday (July 9th), said: "The situation in the housing market is of grave cause for concern".
RICS claimed that young people may turn to the rental market as they are being forced to find such large deposits and high stamp duty for property in London.
Last month the cost of a fixed-rate mortgage in the UK reached its highest level for eight years.
This comes after news last year that the average first time buyer is now 34 years of age, compared to age 27 30 years ago.
Published 10th July, 2008
© 2008 Estates IT Limited
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First-time buyers are expected to need a year's earnings in order to get a foot on the property ladder, according to new research.