First-time mortgage borrowers in the UK are not currently being offered affordable loan terms, according to a source from property firm Savills.
First-time home buyers will often need to put a substantial deposit and pay higher interest rates for their home, said Lucian Cook, director of residential research at Savills.
He believes these consumers will likely be the last people to gain from any easier conditions in the real estate industry.
Those who currently own a house may see their financial situation in a favourable light compared to renting, but this “affordability advantage” does not cover first-time home buyers.
“It is very difficult to predict how – and over what period – mortgage lending becomes easier to get hold of,” he added.