Tough Market for first time buyers
28 Mar 2014
According to the latest ING International Survey on Homes and Mortgages, the UK’s first time buyers are facing some of the toughest conditions in Europe. The survey found that nearly nine in 10 people feel that it is becoming increasingly hard for first time buyers to buy a house.
UK house prices increased by around 8% over the last year, which was 8 times the European average, according to the report.
Ian Bright, a senior economist at ING, said: ‘Across the continent and in the US and Australia, consumers hold the view that first time-buyers are at risk of having the door to home ownership slammed in their face.
‘The burgeoning economic recovery across the continent comes into play here. This will improve people’s lives in many ways but the ING International Survey shows something needs to be done if the next generation is to benefit from bricks and mortar.’
If you want to help your children onto the property ladder, there are numerous options available, for example remortgaging your own property to release some equity, taking out a guarantor mortgage with your child or other specialist mortgages such as a family offset mortgage where your savings are offset against their borrowing.