First time buyers account for more sales

13-Jan-2006

First time buyer levels are increasing, according to latest reports, as confidence returns to the property industry.

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Figures released by Mortgages Direct indicate a significant rise in the number of aspiring homeowners entering into the market, with the highest levels since April last year.

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First time buyers now account for 47 per cent of the firm's clients, which is a five per cent increase on November's results.

"Many potential first time buyers have been sitting on their hands waiting to see what will happen to the market, amidst wild speculation that a housing market crash is imminent," Peter Gladdy, director of Mortgages Direct, explained.

"In reality prices have simply levelled off and potential buyers that have remained tenants and continued to line their landlords' pockets are starting to realise this."

He added that the option of repayment mortgages had increased in popularity, as buyers took advantage of all the competitive deals, which left them with a sense of security in terms of repayments.

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