Single foot on ladder "impossible"
11 September 2007
It is "nigh on impossible" for single first-time buyers (FTBs) to get a foot on the first rung of the property ladder in the current UK property market, an industry expert has claimed.
According to Firstrung, there has been a "fundamental shift" in the number of single FTBs able to buy their first home.
Indeed, chief executive of the firm, Paul Holmes, said that buying a home is becoming increasingly difficult for people unless they are high earners or have received a large deposit from their parents as a gift.
"It's difficult enough for couples at the moment," Mr Holmes admitted.
"But for singletons, unless they are higher earners with a large deposit - that they have either accumulated over a number of years or [been given as] a parental gift - it is nigh on impossible."
The comments coincide with the latest housing affordability and accessibility update from the Royal Institute of Chartered Surveyors (Rics) which highlights the cost of becoming a home purchaser has worsened by around 350 per cent since 1996.
