Number of first-time buyers rising
The number of first-time buyers in the first half of 2010 was 28 per cent higher than the same period in 2009.
Such news may please homeowners who have invested in a bespoke conservatory or pool house in order to attract more attention from the property market.
However, with the Halifax figures showing that 94,600 first-time buyers took their first step on to the ladder in the six months to July, there may still be some way to go before the industry is back to its former strength.
While an improvement on last year, the figure represents approximately half of that seen in the first six months of 2007.
The statistics held some good news in that four out of every five first-time buyer mortgage applications were approved in the first half of the year, with 94 per cent of new buyer purchases exempt of stamp duty.
Halifax commercial director for mortgages Stephen Noakes explained that first-time buyers who can get on the property ladder will benefit from doing so.
"The amount of a typical first-time buyer's monthly pay packet that needs to be dedicated to their mortgage is now below the 25-year average and importantly, despite perceptions, eight out of ten first-time buyer mortgages are approved," he said.
Low mortgage repayments may also make it easier for Brits to finance a home improvement such as a pool house or conservatory.
Posted by Paul Steel
Housing market boost as mortgage lending rises
The total mortgage lending in July rose by five per cent to an estimated £13.6 billion, new figures from the Council of Mortgage Lenders (CML) have revealed. Such news could be positive for Brits who have invested in a bespoke...
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