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2010 'could be year of the first-time buyer'
19/03/10
Edited by Sophie Griffiths. First-time buyers could be set to make a big return to the residential property market in 2010 after two years of being "shut out" by lenders, it has been claimed.
Financial advice site Unbiased.co.uk said that 42 per cent of enquiries from users looking for mortgage advice in February were from people planning to get on the first rung of the housing ladder.
This figure has been high since the start of the year, the company noted, as 43 per cent of searched for mortgage information in January were from prospective first-time buyers.
Unbiased.co.uk chief executive Karen Barrett said that the rise reflects the improving access to home loans with higher loan-to-value ratios, which means house hunters have to raise smaller deposits.
"It is encouraging to see first-time buyers are back out in force looking to get their foot on the property ladder," she added.
According to government figures, the average house price paid by first-time buyers in January was £149,924.
