UK’s FTB’s facing toughest conditions
According to an ING International Survey on Homes and Mortgages, first time buyers in the UK are facing some of the toughest conditions across Europe, the survey of over 15,000 people across 15 countries revealed.
The study found that more than half of people in Europe see house prices rising over the next year, this is causing first time buyers to be even more pessimistic about their own position when it comes to being able to afford a property, 79% of Europeans say that it is becoming increasingly difficult to buy a first home, UK FTB’s facing the toughest conditions.
Senior Economist at ING reportedly 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. Even homeowners would consider it a good thing if house prices fell, which may indicate people are not only worried about the high level of house prices, but also realise that house prices cannot keep rising forever.
“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.”