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 FTBs 'their own worst enemy'
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Friday, July 06, 2007 |
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As getting on to the property ladder becomes increasingly difficult in light of increasing house prices and interest rate rises, it seems that first time buyers are not helping themselves either...
Research from Abbey has revealed that those seeking to buy a first home are having difficulty saving up a deposit as they keep spending it.
In fact, 11.2 million first time buyers admit to dipping into their savings.
One in ten people claim they help themselves to their off-limits savings once a month and a staggering 800,000 or 19.5 per cent of people take some of their money meant for a deposit every week.
Ricky Okey, managing director of Abbey for intermediaries, said: "As surprising as the research is, it does go a long way to explaining why so many people are finding it hard to get onto the property ladder.
"[They explain] why of the first time buyers we spoke to we found that there is a strong demand for 100 per cent mortgage, as many have not been able to save a deposit large enough."
Indeed, recent Council of Mortgage Lenders research found that many first time buyers felt a 100 per cent mortgage was the only way to get onto the property ladder.
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