FTBs pool resources to get on ladder

Posted 2008-04-8

With the economic downturn gathering pace, it has been claimed that first-time buyers (FTBs) are becoming increasingly adept at securing a mortgage.

Home Sale Network, the national network of over 750 independent estate agents, has released figures which sure that 57 per cent of its members have recorded an increase in the number of FTBs taking out a joint mortgage.

While eight out of ten such borrowers are clubbing together with their partner to get a foot on the ladder, some 14 per cent are teaming up with a family member and five per cent are buying with friends.

Commenting on the findings, David Pank of estate agent Manning Stainton said that the findings illustrate the resilience of FTBs in an increasingly unfavourable marketplace.

"In March, on average, in our region ten per cent of our sales were to first time buyers," Mr Pank said. "Buyers are having to find new ways to get the necessary funds together to get on the to property ladder, whether thats buying with their partner, a group of friends or a family member."

Recent research by fairinvestment.co.uk found that 44 per cent of FTBs are considering buying property abroad in order to get on the housing ladder.

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