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First-time buyers reach historic low

First time buyer activity in Scotland is very disappointing and represents the worst figures in the UK and Ireland .First-time buyers are finding it increasingly difficult to be owners of property for the first time.

London ( ) May 15, 2006: Rising property prices have put an end to many young people's dreams of buying a home in the location that they looking forward to. Graeme Hartley, director of the Royal Institution of Chartered Surveyors in Scotland said: "We are in a situation now where the number of first-time buyers is at a historic low. The average age of a first-time buyer is 37 years and we are just coming into 'silly house price season' where some people are paying 30-40 per cent over the asking price to secure the property they want.

"There is an element of desperation among first-time buyers who are stretching themselves further and further financially to get into the housing market and secure a first home. That goal is getting further away." First-time buyers are being hard hit by the competitive marketplace, which is forcing people to offer over the property's value to secure it from other bidders. As most banks do not lend more than the worth of the property, first-time buyers are often stumping up a deposit of around 20% of the total cost of a house What needs to be understood is that Property prices are far too expensive and no amount of loans will remedy the problem.

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