More assistance for first-time buyers

People are likely to increasingly rely on help from their families when looking to get onto the property ladder for the first time, it has been claimed.

Dominic Mansley, managing director of Key Financial Consultants, said that if property prices continue to increase but average salaries do not, then families are increasingly likely to provide assistance to first-time buyers.

Additionally, 100 per cent mortgages are growing in popularity as property prices become less affordable, Mr Mansley claimed.

"I'd always try to investigate a 100 per cent loan-to-value mortgage if savings aren't available," he commented.

According to statistics published by the Council of Mortgage Lenders for the second quarter of 2007, the average first-time buyer is aged 28 and on a salary of £35,000.

The organisation said that the average first-time buyer typically takes out a mortgage for 90 per cent of their chosen property's value.

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