First Time Buyers News
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News : Topics : First Time Buyers Although the rise in property prices over the last decade or so has fuelled a strong economy and has made many homeowners feel better off than they were, it has made it very difficult for first time buyers to get their feet on the housing ladder. Not only do high prices mean high mortgage payments, they also mean that the traditional 5% or 10% deposit one needs to save before buying a house is becoming a larger and larger amount and taking years longer to save for. This means that many opt to borrow the money for a deposit, adding to the average first time homeowner's already considerable debt burdern. The situation is particularly difficult in rural and commuter-belt areas, where people with higher paid jobs are moving into the area or buying second homes there, forcing local first time buyers out of the market. The government has tried to alleviate the problems by encouraging low cost housing development and the introduction of the HomeBuy scheme, but this has had little effect so far. News Stories on First Time Buyers:
Morgan Stanley Launches Flexishare Mortgage - New 'profit share' mortgages launched by investment bank (01/08/2006) Property Prices to Rise by 50% in 6 Years - Average house price to reach £300k (18/07/2006) Mortgage Deposits Take 5 Years to Save - New figures from Halifax show that first time buyers have to save longer than ever (30/01/2006) First Time Buyers Taking Even Longer to Save Deposit - New figures show saving period for mortgage desposit continues to increase (08/12/2005) New Lenders Join HomeBuy Scheme - Boost for government HomeBuy scheme as 3 new lenders sign up (06/12/2005) One in 4 First Time Buyers Borrow for Deposit - New figures show that nearly 1 in 4 first time house buyers have to borrow to fund their deposit (10/10/2005) Parents Income Counted in First Time Buyer Mortgage - New scheme from Norwich and Peterborough building society lets parents' income be counted in mortgage assessment (17/08/2005) First Time Buyers Getting Older - Average age of first house purchase is rising according to report (06/07/2005) First Time Buyers Save for Over 4 Years - New figures show the average time spent saving a 5% deposit is 4 1/2 years (01/06/2005) Chancellor Plans Cheaper Mortgages Scheme - New part-ownership plan will bring cheaper mortgages to first time buyers (23/05/2005) |
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