First Time Buyer Mortgages Harder by 350%
A brand-new Royal Institute of Chartered Surveyors accessibility index report published in August 2007 reveals that the cost of purchasing a home in the UK has become substantially more difficult by 350% since 1996. First-time buyers both on lower quartile earnings (£26 667) now need to find approximately £25,600 to pay for a deposit, stamp duty and various purchase costs for even a standard starting home. For a couple buying for the first time this equates to a massive 96% of their joint take-home incomes.
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