First-time buyers forced into areas they are not keen on

Published: November 28, 2007

First-time buyers often have to use their mortgage to buy a property in an area that they do not want to live in, an industry expert has said.

A spokesperson from lobby group PricedOut.org.uk said that there is "no doubt" that it is getting harder and harder for first-time buyers to get on the property ladder.

"If you look at the average salary versus the average price of a house, at the moment it is around fives times as much," he explained.

"People are being forced to live in places they simply don't want to be. All this is because investors are just buying and buying and buying; pushing the market up. It is just simple economics."

A recent report from Scottish Widows showed that more and more first-time buyers were opting to buy a property with a friend or partner in order to obtain a big enough mortgage.

The study also showed that just 44 per cent of people who have graduated in the last decade have managed to get a mortgage and onto the property ladder.