First-time buyers 'teaming up for mortgages'

09-May-2008

An increasing number of first-time buyers are pooling their resources in order to secure a mortgage, it has emerged.

According to Moneyextra, first-time buyer mortgages with dual-income applications account for around 44.79 per cent of the first-time buyer market, the highest level ever recorded.

Furthermore, many new buyers have been able to drive down asking prices as they gain the upper hand in the property market.

The average property value now being considered by first-time buyers is £170,559 - down 5.75 per cent on March levels.

Commenting on the issue, Robin Amlot, senior editor of Moneyextra, said: "While it may be getting tougher to get a mortgage now, it would appear that those first-time buyers who are in a position to buy are driving much harder bargains with sellers."

He went on to say that housing is now very much "a buyers market", rather than the sellers market previous mortgage owners had become accustomed to.

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