FTBs struggling to buy say National Homebuyers

First-time buyers (FTBs) are finding it increasingly difficult to make it onto the property ladder, potentially leading to a surge in people seeking a fast property sale.

[ClickPress, Thu Apr 24 2008] Sainsbury's Bank has spoken out after figures revealed that the cost of living in the UK is rising.

This is preventing FTBs from making it onto the property ladder and the decreased demand is likely to lead to prices falling.

With this in mind, many homeowners may seek a fast property sale in order to get as much money for their properties as possible.

"First-time buyers need to have a larger deposit that they did a year ago - in some cases as much as 25 per cent as many mortgage lenders continue to restrict their deals, so those looking to get onto the property ladder need to be saving more not less," said Neil Cameron from Sainsbury's Finance.

"Despite this, our research suggests that more people in the first-time buyer age group are now saving less," he added.

Julian King of National Homebuyers says, "As FTBs traditionally accounted for 45-50 per cent of all property transactions, the added necessity to have a sizeable deposit will continue to put new buyers off for the time being.

"A continued lack of buyers will force homeowners to sell at well below the already deflated price they were expecting in order to achieve a quick sale".

Mr King is a director of National Homebuyers, the UK's leading quick property purchase firm. The company guarantees to make an offer to purchase any property in the UK for homeowners who need a quick sale. The company also provides Sell and Rent Back solutions for homeowners who want to release equity, but remain in their homes. This solution is ideal for property owners facing repossession.

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