9 Sep

FTB numbers leap on cheap mortgage rates

FTB numbers leap on cheap mortgage rates

The number of first-time buyers heading to estate agents showed a marked rise in July on the back of low mortgage rates giving confidence in the market at the current time.

According to the figures released by LSL Property Services, there were 26,100 first timers making the step onto the ladder in July, which was 8,100 more than a year ago, a 45 per cent year-on-year increase.

It also meant that the number of newcomers to the market was at its highest since November 2007 as the number of schemes and initiatives from the government continue to take effect.

Late last week (September 6th), housing minister Mark Prisk said that governmental deals had been directly responsible for more than 25,000 people becoming homeowners in the last few years.

LSL Property Services' David Newnes said that much of the latest growth came from the falling price of mortgages and an increase in the ability of buyers to afford them.

"Mortgages are much more affordable for first time buyers compared to last year, which has opened the door to thousands of would be buyers who were shut out of the market," he explained. ADNFCR-1222-ID-801635256-ADNFCR

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