12 May

Most first-time buyers 'safe' from repossession surge

Most first-time buyers 'safe' from repossession surge

The increase in instances of repossession is unlikely to affect first-time buyers, the operations director of Firstrung has said.

Instead, Paul Holmes suggested that families who have moved up the property ladder to a bigger home were the most likely to face affordability difficulties.

"Over the last two years the average first-time buyer mortgage has been £115,000 [and] the average first-time buyer buys as a two party couple.

"A £115,000 mortgage shared between two recent first-time buyers both in work is very manageable," he explained.

Mr Holmes' comments follow recent data from the Ministry of Justice which revealed that the number of mortgage possession claims in the UK rose by 16 per cent in the first quarter of 2008.

Meanwhile, the number of claims was also seven per cent higher than in the final three months of 2007, at 38,688.
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