First-time buyers 'may have more confidence in market'

26-Aug-2009

House hunters, including first-time buyers, may be more confident in the housing market thanks to recent developments.

The increase in new home loans approvals could give heart to those looking to purchase their first property, among others.

Catherine Hearnden of MyMortgageDirect said people are more likely to take their plans off hold now that more people are buying homes.

In addition, the decrease in job losses may also be prompting people into action.

"And then you will have some people who are speculating, thinking, well this could be the bottom of the market or we’ve passed it, so let's get on the ladder while we can," she commented.

The British Bankers' Association recently reported an increase in the number of home loan approvals.

Meanwhile, according to new figures from the Council of Mortgage Lenders, gross mortgage lending equalled £16 billion in July.

This represented a 26 per cent increase compared to the previous month, but was also down 36 per cent year-on-year – the lowest July lending figure since 2001.

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