/24-7PressRelease/ - LONDON, UK, August 27, 2006 - The Royal Institution of Chartered Surveyors (RICS) has revealed in its research that first-time buyers need to have 29,200 for upfront costs in today's property market. This accounts to about 74 per cent of the combined annual pay of an average couple. With property prices soaring, buying a house has become more difficult.
The latest survey by the Royal Institution of Chartered Surveyors has come up with astounding results. It shows that an average first time buyer couple needs to have about 74 per cent of their annual income for the upfront costs of house purchase.
According to the research, this situation is three times worse than 1996, when an average first-time buyer required for upfront costs around 25 percent of their combined annual income.
"If the housing market is to become more accessible, lenders must continue to offer generous funding levels, and the government should, out of necessity, promote a significant increase in the housing stock," David Stubbs of RICS commented.
Stubbs said: "Unless house building levels improve and levels keep pace with population growth and rising income and wealth, people will continue to find it difficult to access the housing market."
An average first-time buyer's one fifth income is spent on mortgage repayments, which is around one third greater as compared to a decade back.
Forecasts by RICS say that property prices would rise by almost ten percent over the next two years, thereby indicating foreseen difficulties for first-time buyers.
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