21 December 2009
FTBs 'struggling to buy properties'
First-time buyers (FTBs) in the UK are facing a number of hurdles when it comes to getting on to the property ladder, it has been suggested.
According to Lucian Cook, director of residential research at Savills, the requirements currently being imposed by lenders are restricting access to the housing market.
His comments follow the release of figures by the National Association of Estate Agents, which showed that FTBs represented 19 per cent of all purchasers last month.
This was a fall from the 43 per cent recorded in June this year.
Mr Cook remarked: "FTBs still have very significant constraints on their ability to enter the market and that is because it is very difficult for them to accumulate the deposit to work within existing loan-to-value ratios."
He added that in many cases, it may be more cost effective for people to rent and it is likely that FTBs will struggle to secure homes for "some time" to come.