Friday, May 04, 2007
Small wonder they're only 12% of the market =:¬(
Firstrung: First time buyers need savings of £32,784 to step onto the first-rung
New first-time buyers face double whammy of house price and interest rate rises. Higher house prices alone add £75 to typical first-time buyer monthly costs compared to last year. Interest rate increases bring this up to almost £120. A first time buyer couple will now have to save up to the equivalent of 81.8 percent of joint take home pay, to build up the £32,784 needed for up front buying costs on a typical home, deposit and stamp duty. According to the Department for Communities and Local Government (DCLG) the average house price in the UK in February 2007 now stands at £205,102 (£212,642 in England). UK annual house price inflation rose by 12.1%. Annual house price inflation in London rose by 16.7%.
Posted by converted lurker @ 12:02 PM (142 views) Add Comment
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