It seems that the hope of millions of Britons to have a dream home is shattered. As per a recent research, six million Britons would never be able to own a house. With the hopes of almost a third of prospective home owners fading away, as per the study conducted by Moneysupermarket. com, the study asserts that lest the rest of the potential house owners reach the age of 38, they would not be able to buy a house.
Deciphering the suppressing pressure on first-time buyers, Clare Francis, a Spokesperson at Moneysupermarket. com, is of the view that most of the investors, especially first time house buyers, were largely affected by twin attack, including financial crisis and economic downturn in 2008.
Apparently, Clare Francis added, “House prices may have fallen in many areas but they are still high. This coupled with the need for such a high cash deposit is pushing many people out of the market. There is still limited choice if you have a deposit of less than 10%, and the rates on these mortgages are around 5.3%, which is significantly higher than the most competitive rates”.
Moreover, Government reports have confirmed that average price has risen to £205,565 in March, though the number of mortgage opportunities available for first-time buyers has moved up by almost 200 in comparison to 1,581.
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