FTBs 'crucial to property market'

17-Oct-2008

First-time buyers (FTBs) form the "bottom of the chain" and are crucial when it comes to the property market, it is claimed.

According to Gareth Samples, sales director at Your Move, FTBs need the benefits of 95 per cent mortgages to get the market back on track.

"The first-time buyer mortgages at 90, 95 and 100 per cent were pulled and that takes a whole sector of the market out," he adds.

Buy-to-let investors and FTBs alike are needed to keep the property market in motion, the expert concludes.

Nationwide recently reported that the average price of a house in the UK in September 2008 stood at £161,797, down by 1.7 per cent from the previous month and 12.4 per cent from the same point last year.

The latest available figures from the Council of Mortgage Lenders revealed that 42,000 home loans were approved in August 2008 compared to 48,000 in the previous month.

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Property auctions 'worth considering' FTBs must snap up mortgage deals

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