First-time buyers get a step-up down south - Telegraph

First-time buyers get a step-up down south - Telegraph

Getting a crick in the neck is an occupational hazard for house-hunters in the West Country. It comes from constantly having to gaze upwards, at all those homes at the top end of the property ladder.

But what’s on offer for first-time buyers, and others who don’t have half a million pounds to spend?

The figures aren’t encouraging. According to Home Truths, a report by the National Housing Federation, nearly 90 per cent of 18-30 year-olds say they can’t afford to buy a place. Not surprising, when you consider that the average house price in the south-west of England is £228,940, which works out at 11.6 times the local average income.

Given that mortgage providers are now baulking at loans that are three times your salary, let alone 11.6, are the only solutions to stay at home, borrow from your parents, or to rent?

Not necessarily. .....