First Time Buyers' Ability to Buy Hits All Time Low
First time buyers' ability to buy has hit an all time low during the second quarter of this year, according to new figures from the National House-Building Council.The NHBC Ability to Buy Index, which takes into account the average cost of homes bought by first time buyers, average income and mortgage interest rates, fell to 41 points - the lowest level since the Index was started 28 years ago.
Imtiaz Farookhi, NHBC Chief Executive, said: "The Index reduced dramatically in the second quarter to below the previously lowest level in 1989 and is reflective of the increasing difficulties being experienced by those wishing to buy their first home."
NHBC statistics also showed a strong year-on-year rise in new house prices, with the average price of a new home in Great Britain costing £194,000 in quarter two this year - six per cent higher on the same period a year ago (£183,000).
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