Mortgage woes

First time buyers in 2007 required on average just £12,000 for a deposit - today that figure's more than doubled and stands at £26,000.

The deposit is the equivalent to 87 percent of the median yearly salary. The Council of Mortgage Lenders told the Telegraph:

'We do not expect there to be a significant increase in first-time buyer activity in 2011 or 2012. The reality for first-time buyers is that, although there is widespread sympathy for their plight, they are only one of a number of different types of consumer who are experiencing difficulties in challenging housing and mortgage market conditions.'

Today, 8 out of 10 first time buyers under the age of thirty have only managed to get a place through borrowing from Mum and Dad. The CML added that it sees sees 'little prospect of recovery in the foreseeable future.'

Better start practising sweet talking your parents then.

United Kingdom - Excite Network Copyright ©1995 - 2021