26
Feb
First-time buying 'easier for couples'
Couples find it easier to get on the housing ladder than single
people, finance website Motley Fool has said.
David Kuo, head of personal finance at the site, stated that while
single people tended to be better off overall, affording a house
was easier for those who could pool their incomes.
He stated: "I think the market is such that a single person on a
single wage will [find it] impossible to get onto the housing
ladder," citing the example of London where the average house was
worth ten times the annual salary of an average first-time
buyer.
Mr Kuo added that when two £25,000 salaries were added
together to make a £50,000 salary that was the basis of a
four-times multiple mortgage, this changed the situation
markedly.
"Suddenly your market just opens up very, very widely," he
commented.
The average UK house price at the end of 2007 was £197,244,
according to figures from Halifax.
