First-time buyers 'giving up hope' of owning a home

Posted: 22 Mar 2010 10:50:31 GMT

First-time buyers are giving up hope of ever owning their own home, it has been claimed.

David Orr, chief executive of the Housing Federation, says high prices within the property sector mean that an entire generation of would-be homeowners are not able to purchase a home.

"For those without parents with the funds to help them there's virtually no chance of getting a rung on the property ladder," he states.

Mr Orr's comments come in response to statistics from the Housing Federation, which show 54 per cent of people between the ages of 18 and 30 feel they will need the help of relatives to raise the deposit required to buy a home.

Furthermore, seven per cent of those questioned say they have even had to put off getting married because they cannot afford to buy a property.

According to Moneyfacts, some 57 per cent of all mortgage deals still require a deposit of at least 25 per cent.

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