The boss of Barratt Redrow has said it is the hardest time to be a first-time buyer since the financial crisis.
David Thomas, who has been the chief executive of Britain’s largest housebuilder for more than a decade, said that it was a ‘challenging, very, very difficult’ time for young people trying to get their foot on the property ladder.
Although he stopped short of calling it the ‘worst time ever’ to be a first-time buyer, he said the situation was ‘certainly’ nearing the bleakness seen just after the financial crisis in 2008.
He added: ‘Now that was probably more to do with lending, coming out of 2008/2009, but I think it is very, very comparable for first-time buyers, particularly when you look at areas like London and the south east.’
And he said the current ‘challenges around affordability’ are even harder for young people as there is now no Government support in place unlike in 2009.
