First-time buyer affordability ‘at its worst in 70 years’

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Building societies warn that first-time buyers are increasingly reliant on “Bank of Mum and Dad” and having two higher-than-average incomes

Becoming a first-time buyer is the most expensive it has been for over 70 years, according to a new report by the Building Societies Association.

The report, written by housing market analyst Neal Hudson, finds that successful first-time buyers increasingly require additional financial support from the “so-called bank of Mum and Dad” and two higher-than-average incomes.

Meanwhile, those without family help or on single and lower incomes are “stuck” in the rented sector and being excluded from home ownership.

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