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First Time Buyers Costs Hit Record

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First-time buyers' costs hit record

Angela Balakrishnan

Wednesday August 9, 2006

The Guardian

First-time home buyers are shelling out record amounts to get a mortgage, the Council of Mortgage Lenders said yesterday, as soaring house prices increase the difficulty of getting on to the property ladder. The average first-time buyer paid 3.21 times their income in June to take out a new loan, up from 3.20 in May and 3.06 in the same month last year. The data coincided with Nationwide revising its forecast for house price rises for 2006 to 5% from the 0-3% predicted in December.


Edited by gruffydd

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