Rising deposit requirements likely to boost renter numbers |
03 2008 |
| Prospective first-time buyers now have to put down a deposit 66 per cent larger than those who bought their way onto the property ladder in October. That is according to new figures compiled by Leadbay, which found that the average deposit now needed is £28,012. Given this, it is no surprise that the average age of first-time buyers passing through the company's system has increased from 20 to 31 over the same period, as people are priced out of the market and choose to rent for longer instead. These latest figures come as growing numbers of lenders are adding to the troubles being experienced by would-be buyers. Just this week Alliance & Leicester announced that it is withdrawing another of its mortgages which once offered a way onto the property ladder for those with relatively low incomes, with many of the lender's competitors doing likewise. According to MoneyFacts.co.uk, the number of mortgage products available across residential and buy-to-let markets has fallen from 7,726 to 5,700 in the past month alone.  |
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