Jun/090
First time buyers need a little help
Research shows that first time property buyers fear they may never be able to afford to buy their first house. Even though mortgage rates are lower, lenders still require large deposits for home loans. In the recession the deposit required is 25%. Compared with a much lower rate of 11% last year, and the fact the recession does not appear to be lifting anytime soon, most first time buyers are giving up hope of ever making it onto the property ladder.
The Government has done little to aid the situation and this will only detriment the housing recovery. A healthy housing market needs first time buyers, but with rising unemployment and credit crunching first time buyers are less likely to make it onto the property ladder anytime soon.
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