High house prices affects first time buyers

July 2, 2010

Nearly three-quarters of potential first-time buyers have given up hope of ever owning their own home, due to the high prices, the deposits needed and the uncertainty that a dip may occur in the future.

Around 70% of people who do not own a property said they had abandoned plans to buy one in the UK because of high house prices.

A third of first-time buyers also said they were wary of getting on to the property ladder because of the volatility of the UK market.

But 24% of those questioned said they would consider buying a property abroad, with potential buyers expecting their money to go further overseas.

France was the most popular country for first-time buyers who were not relocating to consider buying a property in, followed by Spain, while Australia was the most popular country for people who planned to move abroad.

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