First-time buyers offered options to beat house prices

12 November 2004
While 93 per cent of prospective first-time buyers "despair" over the rising house prices, they have options to give them a leg-up on the ladder.

Specialist website has offered up two possible solutions, shared ownership and joint ownership.

Shared ownership sees a prospective buyer buy in with the aid of a housing association or the like. The buyer pays rent on the part of the house that they do not initially buy. But applicants need to research thoroughly and get onto the housing organisation's list.

Joint ownership sees friends club together and jointly purchase a property - although strongly advises a contract is drawn up at the beginning of this enterprise to prevent problems later.

Helen Adams, director of FirstRungNow, explained: This is a very difficult and confusing time for people feeling trapped into a rental situation - for the first time for many years, there is uncertainty about whether it is a good time to invest in property.

"With so many views on what the market will do there is a great deal of confusion all round. On the other hand, our research shows that it is well understood that paying a year's rent could easily be more of a loss than any dip in value of a property and that investing in your home is a long term project."

To read more about the UK property market, click here.
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