First-time buyers are giving up hope

The National Association of Estate Agents has accused the government of doing too little to help first-time buyers into the market and undermining the chance of a housing recovery. Research by found that while the cost of mortgage finance has fallen to a record low, lenders are asking for such large deposits that the first rung of the property ladder remains out of reach. Nearly seven out of ten first-time buyers have given up hope of ever owning their own home. Of those who expect to buy a home, only 15 per cent think it will be in the next two years, and 5 per cent think it will be at least five years before they can afford it.