UK First-time Buyer Mortgage Market Is in Deep Crisis

Research carried out and published by the Home Builders Federation today, on October 28th showed that an average Brit in his 20s has to save for 2, 5 or even more year to have enough money for a deposit required by most UK mortgage lenders.

The Broken Ladder report revealed that mortgages for first time buyers can only be accessible if people save 45% of their monthly income to afford a deposit, whereas those willing to buy a property in London need to save 60% or more of their income.

In the opinion of experts at the Home Builders Federation, this is the major reason why the average age of a UK first-time buyer has increased to 37 years.

Commenting on the findings, Mr. Baseley of HBF said that the research demonstrated the extent of the housing crisis in Great Britain. He is determined that the market needs "an increase in lending... and new planning policy and incentives." Otherwise, young families will have no chance of buying a property of their own and the housing market crisis will reach a point of no return.

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