First-time buyers face saturated market
12-Mar-2010
The
first-time buyer market is saturated, according to an expert, which may force potential buyers to seek alternatives to a traditional mortgage.
Nigel Ellis, director at estate agent Prickett and Ellis, says the property sector is currently enjoying success at its top end, but a lack of lending to
first-time buyers means the opposite end of the market is struggling.
"There is a nice big choice for
first-time buyers but they can't get the money to buy and unless it is cheap enough for buy-to-let or investors it is proving a difficult market," states Mr Ellis.
Such difficulty in securing adequate funding for a new home may make the prospect of a
shared mortgage or
shared equity mortgage more appealing to
first-time buyers.
The alternative routes can offer a more affordable way to get on the first rung of the property ladder.
Prime UK property prices have risen by six per cent in the last year, while the average cost of all homes has fallen by 0.3 per cent, recent research by Primelocation.com suggested.
How to buy a house from finding your
first property,
first time buyer mortgages,
mortgage advice,
shared equity,
shared ownership,
joint ownership,
part buy part rent and
HomeBuy. All a
first time buyer could need as well as first time buyer news at FirstRungNow.com.
"Substantial deposit" still required by first-time buyers Weather and end of stamp duty holiday 'were good news for first-time buyers' Santander mortgage 'ideal for first-time buyers'
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