First-time buyers have been urged to carry out debt management in order to get onto the property ladder.
Michael O’Flynn from website FindaProperty has claimed that borrowers must make sacrifices if they wish to own a home in the current economic climate.
As lenders tighten their loan criteria, it is “highly unlikely” that people will be granted a mortgage unless they put down a deposit of around £17,000, he argued.
“Treats such as eating out and holidays abroad may be worth missing out on for a year or two, as long as they keep their mind on the end goal of owning a home,” Mr O’Flynn remarked.
Recently, the Royal Institution of Chartered Surveyors reported that the average gap between the asking price of a property and the actual selling price had widened to 12.5 per cent in the north.
Vendors in the West Midlands, north-east and Wales all accepted offers of around ten per cent lower than the asking price, the study revealed.
By Jamie Price