First time buyers struggle down south

5/09/2007

First time buyers in the south of UK are paying extensively more than people towards the northern area, Abbey Mortgages reveal.

First time buyers towards the London sector are finding it virtually impossible to get on the property ladder. The number of first time buyers has more than doubled in the south over the past five years. In opposition, in the north regardless of it becoming relatively cheaper the number of first time buyers has in fact dwindled.

Abbey Head of Mortgages, Nici Audhlam-Gardiner commented: “how interesting to see that, even though the housing ladder price difference between the north and south is now more of a gulf than a gap, it has done little to upset the demand for first homes in the south. Perhaps it shows that people in the south want to buy now – expecting prices to continue rising at a rapid rate, whereas buyers in the north feel they have less to gain in jumping on the property ladder.”

Nici added, “We are doing all we can to make it easier for first time buyers to enter the market with our range of mortgage deals, designed with them in mind. As part of our Homebuyer Solution, we offer a free property valuation and £250 cashback towards legal costs, which can really benefit first time buyers who might otherwise struggle to meet these upfront costs.”

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