"More difficult than ever" for first-time buyers
Published On 5 December 2006
A new report has revealed that first-time buyers are finding it harder than ever to fund a mortgage and get a foot on to the property ladderA YouGov survey unveiled by the Council of Mortgage Lenders (CML) found that 88 per cent of respondents believe that it is "very difficult" or "more difficult than ever before" for young people to buy their first property.
Furthermore, 99 per cent of those canvassed said they were concerned about the levels of debt young people were facing while more than three-quarters believed that something must be done to help young people on to the property market, with the responsibility laid firmly at the door of the government and local authorities.
Bob Pannell, CML's head of research, commented: "These results confirm that first-time buyer affordability is a major concern to people, whatever their own personal situation.
"Most people believe that government needs to do more and should use tax breaks and subsidies to ease current affordability problems."
A change to the current Stamp Duty scheme has been put forward as a possible avenue for the government to explore if it is keen to help first-time buyers.
