UK Money News
4th June 2008
Young people frozen out of property market by crunch
Conditions in the housing market are worsening young people's chances of getting on the property despite sliding house prices, it has been claimed.
A report from Hometrack found that 28.3 per cent of young working households cannot afford even the cheapest properties in their locale.
Londoners and residents of the south west are finding access even more difficult, with 41 per cent and 40 per cent respectively saying they could not meet the cost of a mortgage.
The property information site attributed this to tightened lending criteria being used by lenders and the fact that mortgage costs for first time buyers increased by 12 per cent last year.
Professor Wilcox, the report author, said: "While house prices are falling, access to the property market is being increasingly limited by the costs and more restrictive terms of a substantially reduced supply of mortgage finance.
"Without further measures to restore the availability and accessibility of mortgage finance there is the risk of a severe downturn, with all the harmful consequences that this entails."
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