FTBs unaware of true cost of property

The lender says 60% of prospective new buyers currently renting or living with their parents are planning to buy a property costing no more than £120,000 in order to avoid paying stamp duty. Those in their thirties are planning to spend the least amount of money, according to A&L. Of this age group, 71% expect to spend under £120,000 and more women (64%) than men (57%) hope to buy their first home well under the national average of £149,000. Stephen Leonard, director of mortgages at A&L, says unrealistic expectations among first-time buyers could cost over £33bn for those who want to ...