Climbing on to the housing ladder is harder than at any time since 1990, according to the RICS, which warns in a report published today that first-time buyers will face affordability problems for decades to come. Financial Times. Daily Telegraph. The Independent
The decade-long boom in house prices and, more recently, rising interest rates has compounded conditions for first-time buyers. David Stubbs, RICS senior economist, said the fall-out in the US subprime mortgage market could make it even harder: ’First-time buyers are facing an enormous struggle to access the housing market. This may worsen if the turmoil in the US market forces mortgage providers to tighten lending criteria and demand even higher deposits,’ he said.