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House price rises hobble first-time buyer savers – Star Letter 19/02/16

by: Mortgage Solutions
  • 19/02/2016
  • 0
House price rises hobble first-time buyer savers – Star Letter 19/02/16
Each week Mortgage Solutions rounds up the most opinionated and thoughtful comments of the week.

This week’s Star Letter goes to Danielle for her comment on last week’s Star Letter ‘Fancy lifestyles’ blamed for many first-time buyers’ woes

I actually really feel for the first-time buyers in this world. I only managed to buy my first property 16 years ago as my in-laws gave us £21,000, and it was still tough.

We managed to get a one-bed flat for £84,000. I was fortunate and able to live at my in-laws’ house, which enabled us to save money to pay for all the other things such as furniture, decorating, solicitors fees, valuation fees etc. Had we have needed to save the deposit as well we would have been stuck there for years. The flat we purchased sold for £134,000 two years later.

What I’m trying to say is, I know people who have saved and saved and they can’t keep up with the property price increases. Yes, there are things you can cut back on of course, but especially in London and the South East, it’s really very hard.

If you move out you then have to weigh up the cost of commuting. I know of people who have done this and are struggling trying to manage a mortgage and £500 odd a month in train fares. It’s always easy to say what people should be doing when you’re sat in your nice comfy home you own. I’m dreading my children getting older and trying to get on the property ladder – better get saving myself for them now.

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