The housing market 'needs first-time buyers'
04-Nov-2009
The housing market is unable to get started again without
first-time buyers, it has been asserted.
Ben Wilkie, editor at What Mortgage, explained that over the last 12 months, lenders have been reluctant to provide financial help for people looking to get onto the
first rung of the property ladder.
However, he noted that attitudes are beginning to change and there has been an increase of loan-to-values and incentives - such as reduced fees - to help those looking for their first home.
"First-time buyers really are the drivers of the market because if there are no first-time buyers then homeowners can't move because they can't sell their house," stated Mr Wilkie.
The expert pointed out that with the average
house prices at £150,000, people still needed a
deposit of around £23,000 or £24,000.
He concluded that deals like 90 per cent loan-to-values were a "positive sign" for the market.
According to the Council of Mortgage Lenders, the number of first-time buyers taking out home loans in August this year was 32 per cent higher than for the same period in 2008.
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HSBC 'increases funds for first-time buyer mortgages'More action needed to boost first-time buyer mortgagesNew 100% mortgage 'encouraging for first-time buyers'
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