Morning Papers: Tories blast EC over Help to Buy warning

FTBs priced out of market

In more property news, first-time buyers are having to raise “record deposits to secure a place on the property ladder, as house prices hit new highs”, the Telegraph reports.

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Newcomers to the housing market put down £9.4bn in deposits over the 12 months to the end of March, an increase of 81 per cent from the £5.2bn raised in the year to October 2007, when Nationwide’s average UK property price was last at the same high level of more than £186,000.

According to analysis by property agents Savills, tighter mortgage conditions now mean only wealthier first–time buyers or those with financial support from their families are managing to get on the ladder.

Tesco suffers slide in trading

The Financial Times reports that Tesco has seen a “further slide in trading with sales from UK stores open at least a year down 3.8 per cent in the past three months”.

Excluding fuel, VAT and sales paid for with vouchers, UK like-for-like sales were down 4 per cent, “in line with the expectations” of Tesco’s two house brokers. Group sales fell 0.9 per cent in the three months to May 24.