First-time buyers 'hold key to market recovery'

17-Sep-2009

First-time buyers are essential to the property market, it has been claimed.

New research has shown that mortgage approvals have increased year-on-year in September for the first time since 2007.

The Council of Mortgage Lenders (CML) stated home loans increased by 19 per cent during the month.

While this bodes well for the housing market, one demographic still needs to be accounted for, according to propertyfinder.com.

Nicholas Leeming, director of the website, explained the new statistics are encouraging for home buyers, but insisted that banks do more to ensure money is going to the right borrowers.

"First-time buyers hold the key to a full housing market comeback, but are still getting a very raw deal compared to those already on the property ladder," he commented.

Mr Leeming went on to point out that factors such as a lack of houses on the market, coupled with restraints on lending, is further impeding the recovery of the industry.

The CML revealed that the number of first mortgages for those stepping onto the property ladder increased by 18 per cent this month compared to June and up 22 per cent on July.

FirstRungNow.com - how to buy a house, from finding your first flat or first house, first time buyer mortgages, shared ownership, buying with friends, gifted deposit, part buy part rent - all a first time buyer could possibly need.

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