17 Nov

More activity from first-time buyers, research shows

More activity from first-time buyers, research shows

First-time buyers increased their share in the mortgage market in October, compared with the previous month.

Figures released by the John Charcol Mortgage Index revealed that first-time buyer activity rose to 15.3 per cent as a proportion of total purchases last month, compared with just 10.4 per cent in September.

Drew Wotherspoon, from John Charcol, commented: "Several lenders have improved their pricing and availability of mortgages to 85 and 90 per cent [loan-to-value] over the last month and so there are some encouraging signs for would-be first-time buyers."

However, he pointed out that many people attempting to get on the property ladder for the first time were still being priced out of the market because they did not have an adequate deposit or were failing to measure up to strict lender requirements.

Research released by the Council of Mortgage Lenders earlier this month demonstrated that first-time buyers were rushing to take advantage of the stamp duty holiday.

Almost one-third (32 per cent) of all loans issued to first-time buyers in September were for properties valued at between £125,000 and £175,000.
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