Get on the property ladder in 2006
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Experts predict that 2006 will be a good year to get on the property ladder, with salaries expected to grow faster than house prices. Find out how you can save that deposit and cut the cost of buying with our top tips
Even though house prices held steady in 2005, research from mortgage lender Bradford and Bingley reveals that nine out of 10 people buying a house for the first time don't get the property they want. And nearly one third have to wait for over five years before they can afford to buy their own home.
The findings show just how difficult it is to scrape together a deposit. Just under half of us - 43% - feel that house prices are rising quicker than we can save and 22% of us are taking another route and opting for a 100% mortgage instead.
The rest of us are relying on friends and family to help us out. Over one third of first-time buyers - 35% - have either borrowed the money for a deposit from relatives or taken out a personal loan. The expense doesn't end there - 45% of people who bought a home last year didn't budget for extra costs such as legal fees and stamp duty.
How you can help yourself
Despite difficulties getting on the property ladder, many buyers are paying over the odds. Experts claim that 2005 saw the emergence of a buyer's market - yet nearly one third of people who bought a home last year admitted they paid the full asking price without negotiating.
Bradford and Bingley say that if you accept the seller's asking price, you could pay thousands of pounds more than you need to. You don't have to accept the asking price if you can complete your purchase quickly. First-time buyers can often complete a deal faster than other people because they're not part of a 'chain' of sellers.
It pays to negotiate - it may mean you won't have to wait as long or compromise as much on your first home.
