First-time buyers return to market

03-Apr-2006

First-time buyers are attempting to get a foot on the first rung of the property ladder now that prices have shown signs of rising, according to a new report.

A study by mortgage lender Northern Rock has revealed that a growth in first-time buyers is set to push the UK's mortgage market over the £300 billion mark for the first time during the course of 2006.

That rise is expected to be fuelled by the growth in first-time buyers, particularly during the first part of the year when they are looking to beat the expected rise in prices over the next few years.

First time buyers can make buying a new home affordable through a 'gifted deposit' scheme whereby a deposit is not required just the cost of professional and arrangement fees of £5000

While many aspiring homeowners are struggling to get onto the first rung of the property ladder, the threat of an increase in property prices by 2010 is resulting in many deciding that it is now or never and plumping to enter the property market by investing in more creative mortgages that can help them finance their purchases.

Aspiring first time buyers considering affordable housing options should work with a good mortgage broker

Northern Rock's results suggest that the return of the first time buyer to the property market is likely to result in a return to strong property price growth, but this means that aspiring homeowners could be priced out of the market once again in the relatively near future, resulting in more looking to get on the property ladder now.

Aspiring first time buyers wanting advice on mortgages, to find out how much they can borrow and how much it will cost, should request advice from the UK’s leading High Street Brokers, Bradford and Bingley

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