12 Feb

First-time buyers 'need further help'

First-time buyers 'need further help'

More should be done to help first-time buyers enter the property market, it has been stated.

Peter Bolton King, chief executive of the National Association of Estate Agents (NAEA), called for lenders to make more mortgages available for this group of potential purchasers.

"NAEA figures show that there is a huge demand for property from first-time buyers, who are increasingly visiting estate agents, registering their interest and searching for property," he said.

Mr Bolton King was commenting on Council of Mortgage Lenders (CML) statistics, which revealed a drop in the number of loans approved to first-time buyers.

The level stood at 357,800 in 2007, but declined to 194,200 last year.

Director general of the CML Michael Coogan explained that measures designed to increase the flow of finance will "take time" to come into effect, although he acknowledged that further action may be required in order to improve the number of transactions.
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