Young people priced out of buying new home
The rate of young people buying homes has fallen to the lowest level on record, a new report says.
Just 3% of those buying property in June were aged 18 to 30, according to the National Association of Estate Agents (NAEA), the lowest it has ever recorded. In contrast 48% of buyers were aged 31 to 40, the NAEA said in its June Housing Market Report.
First-time buyers of all ages accounted for 20% of sales, down from 25% in May, the organisation said.
Mark Hayward, the NAEA managing director, said: "Things are getting even tougher for first-time buyers.
"Not only do you now need to stump up ridiculously large sums of money in terms of deposits and stamp duty to be able to get on the ladder, but new rules mean buyers will also have to prove they can easily afford repayments now and in the future.
"Alongside this, a scaling back of the Help to Buy scheme and the implementation of the Mortgage Market Review in April will also have a negative impact on the first-time buyer market."