First-time buyers ‘can’t keep up financially’

Mr Bexon asserts that for many people aiming to get a foot on the first rung of the housing ladder the financial pressures are now proving to be too strong and many are deterred from buying altogether.

Meanwhile, the recent interest rate rises are stretching the incomes of the millions of homeowners looking to clear debt associated with their mortgage, the property expert suggests.

“Higher interest rates impact on all homeowners with a mortgage to pay, discouraging those with young families trying to move up the ladder and knocking back others trying to get on,” he said.

“First-time buyers can no longer keep up with rising house prices, higher interest rates and the increasing likelihood of having to pay stamp duty on their first purchase.”

According to figures from Credit Action the average household debt management burden exclusive of mortgage arrears in the UK now stands at more than £8,800.