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First Time Buyers Are Squeezed Out - The Metro Jan 07

Soaring property prices mean homes are at their least affordable since 1991, new figures show. The boom in the housing market last year meant first time buyers were increasingly being squeezed out, said the Royal Institute of Chartered Surveyor.

The RICS accessibility index which looks at how much first timers must save to afford upfront costs when buying a home worsened by 13.8 per cent.

A couple buying a first property must save 81.8 per cent of their joint take home pay to accure sum needed for a deposit and stamp duty, the RICS warned.

And with property prices forecast to keep rising over the next two years, the situation is expected to worsen.