Pirate FM News

Four Years to Scrape Together Deposit

news_money_exchange.jpg

Published by the Pirate FM News Team at 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."


some great deals from pirate fm
Email Icon

Sign up for exclusive news, competitions and offers.
Proper Local News updates from Pirate FM

Suggested articles

A-level pass rate falls to its lowest level in eight years

National News: The A-level pass rate has dropped to its lowest level since 2010, with boys leading girls in the top grades for the second year running.

Six held after four teens stabbed in Camberwell, south London

National News: Six men have been arrested after four teenage boys were stabbed in Camberwell, south London.

Trending in Cornwall

PHOTOS: Bus bursts into flames on the Lizard

It closed the road between Coverack and Goonhilly

Camborne GP surgery to close

5,700 patients will need to find new doctors

WATCH: Mum and child get caught in rip current

Lifeguard stripped down to his boxers and rushed to help

CCTV released after £40k of jewellery stolen

A shop in Penzance was targeted in broad daylight

UPDATE: A38 shut after serious crash

An elderly woman has been rushed to hospital

WATCH: It is A-level results day for Cornwall

Check what to do if you did not get the grades

Teenager injured after jumping from rocks in Cornwall

It is understood he was coasteering at Rame

VIDEO: 10 facts you may not know about Madonna

We made the list as the Queen of Pop turns 60!

Big plan to cut cancelled operations in Cornwall

St Michael's Hospital in Hayle is in line for investment

Used needles reported in children's play park

Advice from police after they were left in Liskeard

More news...

Pirate Extra Pirate 70s Escape LoveCornwall