Market 'as bad as it's ever been' for first-time buyers

27 2008
First-time buyers have today been warned that their prospects in relation to the market are currently at an all-time low.

A report by website Fool.co.uk in April revealed that 23 per cent of 24-34 year-olds were worried about negative equity, while 13 per cent admitted shelving plans to buy in response to the creaking market.

Now mortgage packager Firstrung has delivered its stark verdict, in a statement that will further enhance the belief that renting is a more affordable option in the present climate for the younger generation.

Chief executive officer Paul Holmes said: "It's as bad as it's ever been for first-time buyers but hopefully we are entering the period where it will start to be good again.

"Once all the froth disappears from the market place then hopefully it will be a time when first time buyers can begin to thrive, but it's not going to be a short journey."

Holmes also added that some first-time buyers could now be looking at the market and feeling unable to make a purchase unless there is a full-scale crash.

An Experian press release in February revealed that 48 per cent of non-homeowners have decided they will never buy.
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