The Daily Mail writes - "The average first timers' purchase in 2007 cost £168,000 - equivalent to 7 times the average wage.  In 1997, by comparison, it was £60,000 - equivalent to 3.5 times the average earnings.  Similarly, only 11 per cent of the total number of property purchases are now made by first-timers; a decade ago, it was almost 25 per cent."

PricedOut comments - this clearly shows how house price inflation is adversely affecting FTBs.  The "lucky" ones are mortgaged to the hilt - and beyond.  The less lucky ones are paying rent - priced out by property speculators and amateur landlords.

The Daily Mail continues - "First-time buyers are crucial to the market because if they cannot or will not buy, then existing home owners in small flats and houses won't be able to sell and progress up the property ladder."

PricedOut comments - Talk of climbing the property ladder is clear evidence of middle-aged minds at work.  20 years ago, salary and price inflation was high, reducing mortgage payments, in real terms, quite quickly.  Nowadays, salary and price inflation is low (oh, yes it is), so mortgage payments remain stubbornly high, in real terms, for much longer than they used to.  FTBs should make their own individual minds up about; what, when, and whether to buy property.  PricedOut agrees with the OECD when they say that UK housing is overpriced by 40%.  It will be interesting to see what the OECD think in 12 months time.