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Younger potential homeowners concerned about short-term

A report by the Council of Mortgage Lenders has highlighted the challenges facing younger people in the UK who want to acquire their own property. The report suggests that 88% of those surveyed aged between 18 and 24 would like to acquire their own property within next 10 years but only 42% believe that this will be possible over the next two years. This perfectly reflects what is a difficult marketplace with mortgage finance near impossible for some first-time buyers to obtain.

There is no doubt that the UK authorities need to step in sooner rather than later otherwise the injection of first-time buyers into the UK property market could be cut-off for many years to come. First-time buyers are the lifeblood of the UK property market allowing individuals to sell on their properties and move further up the ladder. If this food for the UK property market is taken away this would mean less demand for properties, make it more difficult to move up the ladder and indeed could limit the short to medium term performance of the UK property market.

The only real way that the UK government can influence the influx of first-time buyers into the UK property market is by building more affordable housing well below the current average cost of a UK home.

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