12 Aug

Outlook for first-time buyers 'improves'

Outlook for first-time buyers 'improves'

The outlook for first-time buyers planning to purchase a house for sale in the UK has improved, according to recent findings.

Today (August 12th), Moneyfacts reported that the recent drop in house values has encouraged people to step onto the property ladder.

A spokeswoman for the company Louise Holmes said: "Potential borrowers dreaming of owning their first home will have been pleased with recent reports suggesting a fall in house prices."

She added that mortgage rates for first-time buyers have also declined during the first half of 2010, which could have encouraged potential homeowners to make a purchase.

Moneyfacts findings revealed that the current average two-year fixed-term rate for first-time buyers for a 90 per cent loan-to-value mortgage was 6.15 per cent.

This was a reduction from 6.48 per cent in January.

Last week, the Home Builders Federation suggested that the government should continue with its HomeBuy Direct initiative, which has already helped 10,000 purchasers over the last two years. ADNFCR-1222-ID-800023162-ADNFCR

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