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Harder for first-time buyers to find a mortgage in 2007, expert claims

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The new year will see increased financial pressures on first-time buyers looking to take out a mortgage , one expert has warned.

The Royal Institution of Chartered Surveyors had predicted a seven per cent growth in property prices for 2007, with the number of mortgage repossessions rising as borrowers struggling to make repayments .

Additionally, while the housing market will slow down in the year, the company claimed, this will not assist first-time buyers trying to find a mortgage , as price rises will continue to be higher than income growth.

David Stubbs, economist at the Royal Institution of Chartered Surveyors, commented: Increasing gloom for those trying to get on the property ladder won't have significant impact on the housing market as demand remains strong, disposable income is growing and buy-to-let investors substitute for first-time buyers at the bottom end of the market.

Mr Stubbs' views echo those of his colleague, senior economist Milan Khatri, who also recently warned that first-time buyers would struggle to find a mortgage in 2007.

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