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First-time buyers 'finding UK property market tough'

By Jonathan Dawes, Wed 18 Aug 2010 - Published in Mortgages

First-time buyers are continuing to struggle in the UK's property market, an expert has pointed out.

A recent report from the Chartered Institute of Housing said that attitudes to home ownership will have to change in the UK and more people will have to decide to rent rather than buy.

It also claimed that there are an increasing number of people who do not qualify for social housing but cannot afford to buy their own home.

Commenting on the research, John Charcol senior technical manager Ray Boulger said many people in Britain are still finding it hard to get a foothold on the property ladder.

"First-time buyer activity has not increased any more than mover activity, so that still suggests that first-time buyers are struggling at least as much, if not more than, movers," he explained.

Mr Boulger also said that the high deposits which are needed to secure a mortgage at the moment are preventing many people from buying their first home.