Good times for FTBs in Ryedale

09-Jan-2009

First time buyers (FTBs) in Ryedale are heading back to the housing market after finding mortgages to fund their first property.

As reported by the Gazette & Herald, a local estate agent said FTBs are bucking the trend associated with the lack of available mortgages in the current financial climate.

Mark Stephensons Independent Estate Agents in Malton, Ryedale, revealed that the area has experienced significant house price falls following the onset of the economic downturn, but claimed that the affect of the credit crunch on mortgage finance is being exaggerated.

FTBs could benefit from advice, its owner, Mr Stephenson, suggested, before adding that more are returning to the housing market.

Mr Stephenson told the newspaper: "With the right advice, this is a good time for first-time buyers.

"Although building societies are requiring a bigger deposit, there are still mortgages out there, and I think the lack of mortgages has been exaggerated by the media," he added.

More Britons have been turning to their families for financial help so they can stump up a good deposit and purchase a home while property values are low.

Statistics from a Council of Mortgage Lenders news and views letter, published in November, showed that FTBs put down a deposit of £19,000 between April and June in 2008, compared to £14,500 over the same period the previous year.

FirstRungNow.com - how to buy a house, from finding your first flat or first house, first time buyer mortgages, shared ownership, buying with friends, gifted deposit, part buy part rent - all a first time buyer could possibly need.

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