05 January 2010
FTBs 'still struggling to get on property ladder'
First-time buyers (FTBs) are still struggling to get on to the property ladder despite homes being more affordable.
This is according to Helen Adams, managing director of FirstRungNow, who suggested that accessibility problems with mortgages are acting as a barrier.
Her comments follow the release of a review by Halifax, which suggested that almost four in ten local authority areas in the UK can now boast affordable first-time housing for average-earning people, compared with six per cent two years ago.
Ms Adams said: "It is great to see that prices are more accessible, but the reason there are still so few FTBs is that mortgages are so difficult to get hold of."
She went on to suggest that the government abolish stamp duty for such purchasers.
As of the beginning of this month, the levy was reinstated for homes worth between £125,000 and £175,000 following a tax holiday introduced by the government.