24 Oct

Buyers waiting longer to purchase their first home

Buyers waiting longer to purchase their first home

Those who are heading out to purchase their first property with an estate agent are now waiting longer to do so, an expert has claimed. According to Catherine Hearnden, director of MyMortgageDirect, there are now far fewer young people buying in their 20s, with most now waiting until they are in their 30s.

Part of the reason for this comes from prohibitive mortgage costs, with the average house purchase for first timers requiring a £26,000 down payment.

"So the young professionals are not going in their 20s now, they are coming in their 30s. The other people that seem to have the money to do it are the second and third time buyers. It's a strange market and I think we have got to keep an eye on it," Ms Hearnden said.

It was also recently revealed that the Financial Services Authority is looking to tighten lending conditions to bring about more responsible borrowing in the market.ADNFCR-1222-ID-801475583-ADNFCR

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