Rics warns of repossession misery for new buyers

According to the Royal Institution of Chartered Surveyors (Rics), first-time buyers are far particularly at risk of falling behind with their mortgage repayments as interest rates go up.

This means the chances of first-time buyers’ homes being repossessed is much higher than other property owner groups, such as buy-to-let landlords.

Rics economist David Stubbs told the Guardian: “We believe that those most likely to have their property repossessed are those who have bought their first property in the last few years and stretched themselves very thinly in order to do so.

“Buy-to-let investors by comparison seem well placed to avoid getting behind on their payments.”

Property website Firstrung has criticised Rics for issuing “ill founded and badly researched comments” and asserted that recent first-time buyers are the least likely group to be affected by interest rates.