John Charcol: First-time buyers struggling to afford mortgages
www.moneynews.co.uk > Mortgages > John Charcol: First-time buyers struggling to afford mortgages
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John Charcol: First-time buyers struggling to afford mortgages
Tue 17th Aug 2010
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According to John Charcol, people looking to get on the property ladder for the first time are "struggling".
Ray Boulger, senior technical manager at the group, said this is because the size of the deposit they must put down on a house is out of their reach.
He stated that conditions are more difficult for first-time buyers than home movers, as those who are planning to move may already have enough equity in their house to provide a deposit.
However, Mr Boulger acknowledged that market conditions are still very difficult for home movers.
The comments came after a report from the Chartered Institute of Housing concluded that home ownership is "out of reach" for many people in the UK.
According to the group, this means that the country needs to move away from the notion that it is right to buy and wrong to rent.
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