FTBs returning to the market

19-Feb-2009

More first-time buyers (FTBs) defied the doom and gloom associated with the current economic climate by snapping up property in January, new research has shown.

According to statistics from the National Association of Estate Agents (NAEA), the number of sales per estate agent remained at an average of six, but 25 per cent of transactions were first property purchases.

If mortgages were made more easily available, pent-up demand from buyers over recent months could translate into improved sales, suggested Chris Brown, president of the professional body for estate agents.

The average number of prospective buyers registered with agents rose from 200 in December to 242 last month, but Mr Brown warned: "One positive sign in the housing market simply cannot be taken to represent the beginnings of a recovery."

Even so, the future appears to be getting brighter for Britons looking for financial solutions to fund their first property purchase.

Richard Hair, past president of the NAEA, recently described a "loosening of the purse strings" among the body's mortgage brokers, making it possible for some FTBs to borrow 85 per cent mortgages without being heavily penalised.

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