A first time buyer couple will have to save up to the equivalent of 81.8% of joint take home pay to be able to afford upfront buying costs on a typical home, according to the Royal Institute of Chartered Surveyors.
An accessibility index developed by RICS reveals the cost of becoming a home purchaser deteriorated by 13.8% in 2006 and has worsened by almost 230% since the low point in 1996. Over the past 10 years, the rise in house prices has been so pronounced accessibility is almost 230% worse than in 1996 and currently as low as the weak levels experienced in 1980. As a result, RICS says a first time buyer couple will have to save up to the equivalent of 81.8% of joint take home pay to build up the £32,784 needed for upfront buying costs on a typical home, deposit and stamp duty. Affordability...
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