Obstacles facing some first-time buyers who are looking for mortgages in the current economic climate have prompted one industry expert to encourage house-sharing among friends.
Graham Lock, director and co-founder of online estate agent Housenetwork.co.uk, said buying a home with friends who may also be struggling to afford a deposit or find a suitable deal could help people climb on to the property ladder .
He went on to suggest confidence in the market is split into two categories at present – those who are able to borrow money very easily due to having lots of equity, or those who are unable to move because they have been forced to reign in their spending.
It comes after financial firm PwC predicted average house prices in the UK will not return to peak levels enjoyed in 2007 until around 2017 in cash terms or 2024 in real inflation-adjusted conditions.
“Buying a property is still out of reach for many people and not just first-time buyers – second and third-time movers are struggling as well,” Mr Lock added.