First Time Home Buyer News: Broker Calls for More Affordable Housing

10-Jul-2006

Data from Paragon Mortgages has revealed that the number of arranged first time buyer loans has decreased from 11 percent of total loans to nine per cent over the past six months, according to Reuters.

First time buyers have also seen a widening of key worker home schemes to include all workers looking to get onto the first rung of the property ladder, following a low take-up.

James Cotton of broker London & Country Mortgages told Reuters: "I don't think it is a case of lenders coming up with products to suit first time buyers, it is actually having a supply of property available that is within a realistic price range."

Although he noted that the impact for first time buyers of new-build affordable housing was yet to be seen, Mr Cotton was optimistic about the future.

He stated: "There is always a lag with these things and it is to be hoped that in the next five years, new build properties will make the market more accessible for those without the benefit of large deposits or salaries."

Meanwhile, construction company, Redrow Homes, has vowed to fill the affordable homes shortage for first time buyers, according to the Press Association.

Reporting higher sales completions and a robust order book, the company expects to see growth over the coming year.

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