Number of first-time buyers 'has increased'

18-Sep-2009

People looking for mortgage advice who are concerned about the state of the housing market may be interested in the comments of one expert.

The National Association of Estate Agents (NAEA) has stated property in the UK is on the way to recovery, which may be good news for first-time buyers.

Gary Smith, president of the organisation, explained values are already improving, which bodes well for the industry's recovery.

His comments came in response to a recent Ernst and Young report which suggested house prices would not see resurgence for another five years.

"I wouldn't have said it was going to be that long because prices are already recovering," he commented.

One issue in particular that Mr Smith found a problem with was the fact that the report did not accurately represent people buying their first property.

"[The number of] first-time buyers – which they said was noticeably absent – has increased," he remarked.

His assertions correlate with a recent study from the Council of Mortgage Lenders, which revealed the number of people who had their first mortgage approved increased by 22 per cent in September, compared to July this year.

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