'More difficult' for FTBs to get on the housing ladder

Posted: 12 Apr 2011 13:44:07 GMT

It is more difficult for FTBs to get on the property ladder than it was for their parents, it has been found.

First-time buyers are currently finding it considerably tougher to get on the property ladder than their parents did when they were in the same position, new research has shown.

According to SHIP, the trade body for equity release, the children of baby boomers will have to pay seven times the price that their mother and fathers did.

The average FTB home cost £20,810 in the first quarter of 1983 - a figure that has escalated to £136,842 today and marks a rise of 558 per cent.

Andrea Rozario, director general of SHIP, said the figures highlight the struggle facing those trying to get their foot on the property ladder.

She noted: "House prices have risen far faster than incomes have done since the older generation bought their first homes."

Lucian Cook, director of residential research at Savills, recently claimed FTBs are finding it cheaper to rent rather than purchase housing at present.
 

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