First-time buyers rejoin the market
Posted: 04 Apr 2006 10:40:42 GMT
Mortgage bank Northern Rock has announced that first-time buyers are returning to the market after a period of enforced absence.
The company, which focuses on low-risk and low-cost mortgages, observed a "small but encouraging increase" in the number of first-time buyers, adding that this has contributed to a strong start to 2006.
"We expect this gentle trend to continue, providing increased support to the home-moving market, which is expected to see a slight increase in the number of housing transactions compared to 2005," said the company in a statement.
Young couples and singletons were reluctant to buy their own home throughout much of 2005, with many pundits speculating that the market was set to crash.
This was avoided with a drop in interest rates in August, however, and it seems that first-time buyers are again confident about making a purchase.
Sellers are also enthusiastic about advertising their properties, confident that demand is high enough to draw an attractive price.