Property News in the UK

UK property news and links to various property websites. mortgage news, house price news, interesting properties for sale.

Wednesday, August 02, 2006

First time buyers need big deposits.

Despite sky-high house prices, first time buyers still manage to become homebuyers - and new figures from personal finance website show the sacrifices they have to make.

In June, says the website, housing demand fell because of World Cup soccer -but first time buyers who did go ahead borrowed an average £137,626 to buy ahome costing £169,600.

That required an average first income of £36,500, while 39% of households also had a second income - averaging £23,000.

Those figures mean first time buyers had an average deposit of £32,000- plus extra cash to pay for legal bills, stamp duty and extras. How did they do it, without help from Mum and Dad?

The average remortgage is interesting too: Moneyextra says applicants typically live in a £234,000 home, and have have upped their mortgage to £117,000.


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