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First time buyers hit by rise in Council Tax, say NAEA

 

News that council tax bills are to increase by more than twice the level of inflation this year could be the final straw for rapidly disappearing first time buyers, according to the National Association of Estate Agents (NAEA), who said the tax hikes were a ‘final insult’ to first-timers.

 

With gas and electricity prices also due to increase by up to 22% this year, it is becoming much more difficult for those renting a property to contemplate saving enough to be able to afford a home of their own, says the Association.

 

Chief executive of the NAEA Peter Bolton King said: "That crucial first rung of the property ladder is slipping further and further out of reach for most first time buyers."