First-time buyer numbers at 20-year low
Homeowners may be encouraged to invest in a space-adding home improvement after learning that the number of first-time buyers in the market has fallen to its lowest level in decades.
Brits could opt for a bespoke conservatory or loft conversion with roof light instead of moving to a larger property.
New statistics from GfK Financial - part of GfK NOP - have shown that the number of people taking out their first mortgage has dropped to 347,000 - the lowest figure for 20 years.
The number is 100,000 lower than the previous trough, which occurred in February 1993.
However, FirstRungNow.com managing director Helen Adams suggested that the data was not surprising.
"I think it is absolutely to be expected because the condition at the moment is that first time buyers invariably need quite a big deposit to buy their first home, which is very difficult to come by," she explained.
Ms Adams added that mortgage lenders are looking for at least 15 per cent deposits, making finance for new homes hard to come by.
Posted by Cheryl Stevenson
Home improvers 'should think about energy efficiency'
Brits investing in a bespoke lean-to conservatory may be interested in the latest comments from the National Home Improvement Council (NHIC).The body suggested that those improving their property should seek to improve the energy efficiency...
Brochure
Would you like some more information on our conservatories? Order a copy of our brochure online today or call
Gallery
View either our residential gallery or our commercial gallery or view a number of our conservatory case studies.
