/24-7PressRelease/ - LONDON, UK, October 08, 2007 - First time buyers are facing problems in affording a home within the urban areas. The average home price in the Greater London has crossed 350,000 mark. Even an overall average home price in the UK is hovering around at 210,000.
For those who are yet to get a foothold on the housing ladder, it is increasingly becoming a tough task. The high prices are pushing first time buyers out of the urban towns and cities. A research by Abbey Mortgages revealed that the first time buyers are increasingly being obliged to buy homes away from towns, leaving them with a lengthy distance to cover each day. It is particularly so for those who are seeking a home in and around the capital.
Sue Hayes, director of mortgages at Abbey said: "The current level of prices inside Britain's major towns and cities mean more and more first time buyers are finding that they have to buy further than they'd like from their workplace." Currently, the problem has been further aggravated by the high base rate of interest at 5.75 per cent, raising the cost of mortgages and secured loans. For additional information on the news that is the subject of this release (or for a sample, copy or demo), contact Webmaster or visit http://www.loans-park.co.uk/
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