First time buyers give up hope of owning their own home

A survey by the Post Office has found that 53% of potential first time buyers believe that they will never be able to afford to buy a home. A similar number thought that to save enough money for the deposit currently required by lenders they would need to receive an unexpected lump sum of money or get a better paid job. Since the credit crunch banks and building societies have tightened their lending criteria and increased the size of deposit needed by first time buyers, with the most competitive deals given to buyers with the largest deposits. First time buyer average age The average ...