Property News

Friday, August 25, 2006

A real struggle for first-time buyers

First-time buyers need to save almost three quarters of their income to make their initial property purchase, a new survey into property market accessibility shows.

Research by the Royal Institution of Chartered Surveyors (RICS) reveals a couple buying for the first-time require £29,200 in upfront costs to enter today's property market. This includes a deposit, surveys and legal fees.

This is equivalent to 74 per cent of the average couple's combined annual pay, making it much more difficult for first-time buyers to purchase a house than ten years ago. And its not going to get any easier with the RICS predicting that house prices will continue to rise by ten percent over the next two years.

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