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First-time buyers suffering

As a number of first-time buyers opt for the rental market in the short to medium term, to give them time to build up a substantial deposit, it would appear that their finances are being squeezed. It is being reported today that landlords across the UK have increased rental charges for the sixth consecutive month which would appear to indicate more and more people are opting to rent properties rather than buying at the moment.

The problem is that as rental charges increase this will reduce the amount of money that potential first-time buyers are able to put aside for their deposits. As a consequence, the longer it takes to put down a deposit the more potential for the UK property market to recover and prices to push further and further away from the grasp of first-time buyers. Many first-time buyers are "chasing their tails" because just when they think the conditions have changed, something happens and the property of their dreams moves out of their grasp.

It is unlikely that banks in the UK will fall over themselves in the short to medium term to assist first-time buyers because of the added risk in the property market at the moment. However, this will change at some point although when and who will instigate this change remains to be seen.

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