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Unemployment Making Life Difficult For First Time Buyers

Wed, 07 Oct 2009
Record levels of unemployment in the UK are discouraging many people from entering the property market, according to an industry expert.

Paul Holmes, chief executive of first-time buyers specialist Firstrung, said that unemployment figures have increased by 50 per cent to two million over the past 18 months, and could hit three million in the near future as the recession continues.

"That is why you're getting very few first-time buyers with desire to get on the property ladder - the vast majority of them are jobless," he explained.

Mr Holmes pointed out that 23 per cent of Britons aged 18 to 25 are currently out of work and that this age group accounts for the majority of potential first time buyers .

He added that even those who are in employment and have managed to save a deposit are finding that property is "still very expensive".

As the number of people out of work continues to rise, so does their priorities, with many British adults now more concerned about finding a job than purchasing their first home, Mr Holmes continued.

His comments come after a recent survey by the National Association of Estate Agents (NAEA) found that 16 per cent of adults in the UK do not want to own a property .
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