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Four Years to Scrape Together Deposit
7:00am 20th March 2012
Pirate FM has discovered it is taking first time buyers in the southwest almost four years to scrape together a ten percent deposit.
The average house in Cornwall and Devon is now more than five times the annual salary. The repayments alone will eat two thirds (61%) of their income after they’ve spent out on food, heating, council tax and other essential bills.
The Ability to Buy Index, shown to us by RBS, reveals in the last quarter of 2011, first time buyers here found it 6% harder to get on the property ladder compared to the same time in 2010; RBS say despite inflation going down, the high cost of living is making life nearly as hard as it was at the peak of the last recession.
Emma from Wadebridge is 22. She does not think she will ever be able to afford her own place. She said, "Unless you've been able to save or inherit money I don't think you'd be able to afford it. Bills each month are enough as it is without having to save extra money to get together a mortgage. It's impossible to find that money without getting yourself into trouble."
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