FTB purchases 'increasingly dificult'

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FTB purchases 'increasingly dificult'

First-time buyers are finding it increasingly difficult to get a foot on to the property market, the National Association of Estate Agent (NAEA) has commented.

Its latest housing market statistics indicate that the first-time buyer share of the property market dropped from 12.3 per cent in March to 10.3 per cent in April.

Interest rate fluctuation has contributed to the uncertainty among people looking to get on to the property ladder, the NAEA believes.

With the base rate having risen from 3.5 per cent in July 2003 to the current position of 5.5 per cent, the NAEA believes that the instability is causing greater uncertainty in what it believes is a hesitant market.

Higher council taxes, utility bill, mortgage repayments and the prospect of the stamp duty burden are also deterring people from investing in a property for the first time.

Over the long-term, the percentage of sales among people looking to invest in bricks and mortar for the first time has also decreased from 29 per cent in 2000 to 11 per cent last year.

Stewart Lilly, president at the NAEA, urged the government "to wake up and start seeing that this issue is something that needs addressing, before it escalates further".

He added: "This latest generation should be allowed to get onto the property ladder like their parents and their parent's parents did. Action is needed."

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