House price falls providing 'boost for FTBs'

28-Jan-2009

More first-time buyers (FTBs) are coming back to the market and seeking mortgage advice after house price falls have boosted the options available for people looking to buy their first property.

According to mortgage broker mform.co.uk, FTBs accounted for 40 per cent of borrowers using its consumer website for applications compared to less than ten per cent in October.

Francis Ghiloni, marketing and business development director at the firm, said the downward spiral of house prices has contributed a revival in the number of Britons considering their first mortgage.

"Falling house prices are providing a boost for first-time buyers and there are signs they are coming back into the market," he said.

Data from the latest Rightmove house price index supports this trend as it revealed that email enquiries sent to estate agents from potential homebuyers totalled 429,560 this month compared to 199,762 in January 2008.

The study said the average price for a new property stood at £213,570, which was 7.3 per cent lower than in January last year.

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Property market tipped for major recoveryGovt 'making a stand' for FTBsHouse price reduction predicted

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