First-time buyers advised to lower expectations

First-time buyers need to lower their expectations when they are looking for their first property, it has been claimed.

Most will be unable to afford a good property in an affluent area and instead will need to start at the bottom of the housing ladder, according to property website FirstRungNow..

FirstRungNow spokeswoman Helen Adams commented: “They might expect to be able to buy a really nice house in a really nice area but the fact is that you have to start at the bottom of the property ladder.”

Earlier this week, the Land Registry released data that showed average property prices in two English regions – and Wales – fell slightly in July.

In addition, the national rate of house price inflation was revealed to be at its lowest level for more than a year.

Analysts have frequently noted that first-time buyers are finding it increasingly difficult to get on the housing ladder, as rising cots and interest rates make mortgages prohibitive.

© Adfero Ltd

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