First-time buyers priced out of market

Interest-rate hikes this week will have a significant impact on the housing market by pricing out first-time buyers for the first time, banking industry leaders have warned.

3rd June, 2006

Interest-rate hikes this week will have a significant impact on the housing market by pricing out first-time buyers for the first time, banking industry leaders have warned.

Mortgage experts said a widely expected rate rise this Thursday - the third increase in six months - will squeeze first-time buyers who will no longer qualify for the loans required to buy a home.

Michael Dowling, president of the Independent Mortgage Advisers Federation, has warned that some...

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