Times not as tough as claimed for first-buys

After reading the editorial by Ellie Hunter (First-time buyers and endangered species, January 5) I was disappointed it did not include input from local property professionals who may have given a more balanced perspective.

Yes times are tough for first time buyers, yes they do need a deposit and yes the average age of such buyers is older. But it’s not all doom and gloom.

In Chesterfield it is common to see first-time buyers securing a good three-bedroom semi-detached home for around £85,000. They only need a five per cent deposit (£4,250) – but as prices are so low many find a ten per cent deposit achievable.

Mortgages are now readily available with a five per cent to ten per cent deposit and rates are at an all-time low making the monthly mortgage repayments cost less than rent. Buyers who are savvy and buy at a time when prices are low will hopefully see a good return on their investment and have a place to call their own.

So come on DT – let’s get out of this pessimistic rut and realise there can always be a positive spin on the challenging financial circumstances we are currently experiencing.

Matthew Barnes

Director, Spire Estate Agency