24
Dec
First time buyers priced out of UK's towns
Housing remains unaffordable for first time buyers in over 85 per
cent of the UK' towns, new data has revealed.
According to figures from the Halifax, the average first time
buyers find property is out of their price range in 466 of the 483
towns analysed.
The extent to which first time buyers are cut adrift was also
highlighted by the survey's discovery that around 71 per cent
cannot even afford to buy a terraced home - the housing stock that
has traditionally provided an entry point into the market.
The trend has meant that the number of first time buyers dipped to
300,000 this year.
This compares with around 532,000 in 2002 and is the lowest figures
for 27 years.
Martin Ellis, chief economist at Halifax, said: "Rising property
values have priced many potential first time buyers out of the
housing market. When they do enter the market first time buyers are
now more likely to be in their thirties rather than their twenties
and buy a flat rather than a terraced house.
"First time buyers are also buying proportionately more in cities
than towns as they opt for convenience over size."
