First time buyers increase market share

09-Aug-2007

The number of first time buyers as a proportion of all borrowers rose slightly in July, according to Spicerhaart Financial Services.

The firm reports that first time buyers now make up 37 per cent of the market, demonstrating that potential homeowners are still able to get their feet onto the property ladder.

The ratio of high loan to value (LTV) mortgages also rose last month, the study found, up from 19 per cent to 21 per cent. This was the sixth consecutive month of growth, and showed the confidence that remains within the market, according to Spicerhaart.

"With interest rates still historically low, homeowners and first time buyers, still confident in their financial security, are as keen as ever to move up the property ladder, even if this means borrowing slightly more," commented Spicerhaart Financial Services operations director Steve Cox.

Last month Alliance & Leicester reported that demand for high LTV mortgages was set to rise even more sharply over the next two years.

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