The CML reports that first-time buyers are struggling to clamber onto the housing ladder.
With the cost of mortgage repayments as a percentage of salary reaching a 16-year high, it’s hardly surprising that wannabe homeowners are discovering that they just can’t afford to buy a property. But with prices soaring to ridiculous levels, that’s no bad thing. The overheated property market doesn’t need more desperate people overspending on homes and pushing up the cost of houses and flats. The need to own a home is a peculiarly British disease. There’s that hoary old chestnut about your home equating to your castle. Is there any truth at all in that? Not in 2007. We are all citiz...
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