First-time-buyers 'can't be choosy'

Posted: 25 Jul 2007 11:19:14 GMT

First-time-buyers might have to be a little more flexible than they would like in order to get on the property ladder.

First-time-buyers might have to be a little more flexible than they would like in order to get on the property ladder.

With house price growth continuing to outstrip wage increases and interest rate rises making mortgages more expensive, getting foot on the property ladder has rarely been harder.

But a willingness to look at slightly less desirable areas might be way of making that first step affordable.

"It is very hard for first-time buyers now," admits Rachel Graham of Chester-based PropertyDealsUK.

Some parts of Chester have seen massive house price inflation in recent years, meaning that the more attractive areas are out of reach to most first-time-buyers.

"They [first-time-buyers] can't really be fussy on the areas because it is the popular areas they would like to stay in that they can't necessarily afford," Ms Graham added.

As well as being more flexible about their location, first-time-buyers can also consider co-buying, which involves clubbing together with friends of relatives to buy a property.

© Houseladder Ltd




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