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Survey reveals first-time buyer fears

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by Kay Mitchell

A survey by the Halifax has revealed many first-time buyers fear they will not be able to get on the property ladder.

The survey of 4,000 non-homeowners found two-thirds believe home ownership is unattainable.

Stricter lending criteria, which has resulted in lenders demanding large deposits, is deterring many would-be homebuyers, according to the survey.

Almost half of those questioned said they would like to save a deposit but are unable to do so.

The credit crunch saw the end of 100% mortgages but the Halifax said mortgages requiring just a 5% deposit could return to the market, giving hope for many first-time buyers.

Furthermore, the Halifax points out that options such as shared equity schemes could help those looking to get on the property ladder.

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News posted: May 31, 2011

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