What are the chances for first time buyers to get on the property ladder?

Yate has very much settled down as a community over the last thirty years. First time buyers came to live in Yate because of the cheaper property prices, and many would move out back to the area they had come from, when it was time to buy their second home and move up the property ladder.

 As Yate has got more facilities it has become a more attractive place to put down roots, children, and sometimes grandchildren of local people want to settle down in Yate.

Unfortunately for those who are starting off house prices have risen, and Yate can be more expensive than other areas. If first time buyers can't  raise a deposit of 25% of the purchase cost mortgage rates are still expensive, and how many can do that?

 House prices are creeping back up with a 5.9% rise across the country according to the Nationwide Index comparing December 08 against December 09, and the Halifax Index shows a similar picture. The picture for this year is uncertain with the Institute of Architects predicting an increase and Halifax saying that prices will remain roughly the same. Visit; Find a Property house prices to find out how much properties have sold for in BS37.

Tough new mortgage lending proposals from the FSA which include a crackdown on interest only loans are designed to halt reckless lending and so keep a lid on house price rises. Theoretically house prices should be falling again because of the poor state of the UK's economy, but this is balanced by a general housing shortage which will of course keep prices up.

For lots of advice for first time buyers log onto:  www.direct.gov.uk/first time buyers for advice, from finding the right type of mortgage, to home ownership schemes, to buying a home with others.

Find a Property is part of the same company as yatepeople.