2010 "will be another tough year for first-time buyers"

30-Dec-2009

An expert has warned that 2010 may "be another tough year for first-time buyers" as the mortgage market slows down.

Lucian Cook, director of residential research at Savills, made his comments after research by the National Association of Estate Agents revealed that by December 18th 2009 only 19 per cent of registered purchasers were first-time buyers.

This is in comparison to six months ago, when first-time homeowners made up 43 per cent of the market.

Mr Cook cautioned those looking to get on the first rung of the property ladder not to necessarily expect higher loan-to-value mortgages next year - although he is confident that in the long-term the market will right itself.

"First-time buyers are likely to be some of the last people to be able to freely access the housing market again and the consequence of that is that will put more pressure on the private rented sector," he added.

He concluded that - although mortgage approvals have increased - most of the upswing happened earlier in the year, with momentum slowly decreasing since then.

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