According to this article home buyers do not expect to be able to afford their first house until they are aged 38 or aged 43 in London. It seems that for many the fact that house prices are so high and that they need a large deposit mean they simply cannot not afford to buy a property before this, and many have given up trying to buy a property altogether. Although the number of mortgages available for first time buyers has increased during the past year, it seems there are still a limited number of deals available for those looking to but their first home. First time buyers also now need a large deposit with most needing around 23% of the homes value.
Page rendered at Thursday, June 20, 2013 9:01:08 AM (GMT Daylight Time, UTC+01:00)
The opinions expressed herein are my own personal opinions and do not represent
my employer's view in anyway.