'First-time buyer remains an endangered species' — depressing outlook for those locked out of property market
A new report this week warned people still renting while in their mid-30s may never be able to afford their own home.
House prices are still beyond the reach of many.
- By Stefan Morkis
- Published in the Courier : 14.12.11
- Published online : 17.12.11 @ 10.30am
The forecast by Rightmove warns that only 23% of house sales in 2012 will be made to first-time buyers, down from 26% last year.
Before the credit crunch began more than 40% of sales were to first time buyers.
In Scotland, the figure is even lower — just 21.2% of sales will be to first-time buyers.
Rightmove director Miles Shipside said: ''The first-time buyer remains an endangered species. They perform an essential role at the foot of the property market food chain in allowing sellers on the bottom run of the housing ladder to trade up, and this makes them highly prized.''
He added the average age of a first-time buyer in 2012 will be 32 — but said ''trapped renters'' have an average age of 35.
''There has been a lot of speculation about the average age of first-time buyers, and the truth is those who can are in their early 30s, while those who can't are in their mid-30s and counting,'' he said.
''Those who would like to buy but cannot afford to are watching the grains of sand slip through the hourglass of life.''
02.01am - 18.12.2011 Charles W. - Edinburgh, UK Report This
Maybe if the SNP had kept that 2007 commitment to give £2k to each first-time buyer then the situation would have been much better.
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