- 02
- Apr
Those in East Anglia looking to get onto the property ladder are having to borrow more than twice as much money for their first home than they did ten years ago, new figures suggest.
According to research by Norwich and Peterborough, first-time buyers in the region are taking out an average loan of £122,400 compared to £49,900 in 1997.
Product manager Richard Barker said: "First-time buyers continue to struggle to gain a foothold on the property ladder in East Anglia as the average first-time buyer property purchase is now at around £150,000.
"While affordability is very stretched, changes to lenders’ criteria and new product innovations are helping individuals with the purchase of their first home."
Meanwhile, the age of the average first-time buyer was reported to be 34, compared to 25 in 1997.
Property prices for first-time buyer have roughly tripled, from £56,700 a decade ago to currently stand at £147,500.
Research conducted by the Motley Fool revealed that an increasing number of homeowners are opting for fixed-rate mortgages as a result of fears that future interest rate rises may impact upon their secured loan repayments.
Interfinancial providing you with breaking homeowner loans news.
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