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Time ripe for First Time Buyers

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Written by mfuser   
Tuesday, 15 June 2010 08:45
The time could be ripe for first time buyers to make their first steps onto the property ladder, research conducted by Santander has found. Figures show that average monthly rental prices are now higher than average mortgage repayments in every part of the country other than London. The average monthly rent in the UK (outside London) is £420, compared with average monthly repayments of £334 for first time buyers. Buyers could save an average of £1,040 a year with a mortgage. Phil Cliff, director of mortgage marketing at Santander, said: "The first few months of 2010 have seen rents start to climb which has meant that savings to be made for potential first time buyers have grown considerably."