'Very difficult' for first-time buyers to enter housing market

Posted: 21 Dec 2009 11:33:23 GMT

It is still very difficult for first-time buyers to enter the housing market because of the large deposits that are required for them to purchase a home, states one property expert.

Lucian Cook, director of residential research at Savills, says that because of "significant constraints" first-time buyers are accounting for the smallest share of the market.

Mr Cook's comments come in response to new figures from the National Association of Estate Agents, which revealed that just 19 per cent of those who purchased property in November were first-time buyers.

In comparison, six months ago 43 per cent of the market was made up of this group of buyers.

The property expert goes on to add that he does not think that the end of the stamp duty holiday will have a big impact on first-time buyers as "it is a relatively small saving" compared to the deposit that they will need to raise.

According to the Rightmove House Price Index, the average UK house price is currently £221,463.

© Houseladder Ltd