Insurance News Archive

First time property owners urged to make "serious efforts"

Property owners and landlords could be buoyed by the prediction from PricedOut that first time buyers will need to make "serious efforts" if they wish to secure their own property in the New Year.

Matt Griffith, spokesman for the group, has warned that with conditions being tough economically in the UK currently, prospective buyers will need to pull out all the stops if they wish to get on the ladder.

Issues such as rising rents and inflation pressure are playing havoc with first time buyers and their plans according to the group and this is the reason for the concern.

Mr Griffith said: "Any would be first-time buyer should be trying to make serious efforts to save - making full use of ISAs, trying to put aside a set amount each month and cutting back a little on spending.

"But it's a pretty tough ask at the moment."

The news comes despite Halifax reporting that first-time buyer affordability has reached an eight-year high.

Posted by Michael Brown

30 Dec 2011