Wednesday, May 9, 2007

Here we go again

First-time repayments highest since 1991

First-time home buyers are paying more on their mortgages than at any time since the last recession, figures released yesterday reveal. Chris Tapp, of Credit Action, said: “A combination of rising house prices, rising interest rates and rising living costs have combined to make it virtually impossible for many would-be first-time buyers to get on to the housing ladder. Until there is a change in the housing market it may be wiser for many first-time buyers to hold tight, keep saving and wait. It is great to be able to own your own home but not if you bankrupt yourself in the process.”

Posted by scumbag @ 02:37 PM (676 views)
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One thought on “Here we go again

  • Most interesting when the likes of the CAB are advising FTB’s not to enter at all and even Chase De Vere are advising FTB’s to sell –

    “…Debt charities yesterday urged would-be buyers to stay off the housing ladder until market conditions are more favourable.

    Chris Tapp, of Credit Action, said: “A combination of rising house prices, rising interest rates and rising living costs have combined to make it virtually impossible for many would-be first-time buyers to get on to the housing ladder.

    Until there is a change in the housing market it may be wiser for many first-time buyers to hold tight, keep saving and wait. It is great to be able to own your own home but not if you bankrupt yourself in the process.”…”

    And the icing on the cake:?

    “…Some housing experts even advise struggling first-time homeowners to consider selling up. Nick Gardner, of Chase De Vere Mortgage Management, the broker, said: “Many who are already on the ladder but are feeling severely overstretched may have already made some profit from their investment because of rising house prices, so for some, it may make sense to bail out.”

    Is this what Chase were saying last week?

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