P535 Teletext 535 Sep02 20:01:43
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n5k5k7jwjws & MORTGAGES
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FIRST TIMERS FEEL LITTLE PRICE JOY
Nationwide's Fionnuala Earley says a
deposit needed by first-time buyers is
about £17,000, over 50% more than 2003.
■ Deposits take up 62% of gross annual
pay, compared to 20% in 1989 with
first timers now borrowing a smaller
proportion of purchase price;
■ Higher deposits mean it takes about
3.5 years to save, compared to just
over a year in 1989, when the house
price to earnings ratio last peaked.
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