First-time buyers return to housing market

Posted: 23 Jul 2008 13:05:24 GMT

First-time buyers are slowly returning to the housing market as figures from the National Association of Estate Agents (NAEA) have shown a steady increase in those getting on the property ladder.

In June 11.8 per cent of sales were from first-time buyers which is an increase from May's figure of 10.6 per cent and a "massive increase" from 12 months ago when the figure was just 9.8 per cent.

Talking about the increase, Chris Brown, president of the NAEA said: "For first time buyers who have the adequate funds in place and can secure mortgages, now is a time they can operate as opportunists and take advantage of the market and the properties and prices currently available."

Mr Brown also outlined the need for stamp duty to be eradicated for first-time buyers and called for the Bank of England to make the mortgage markets steadier so that more deals become available and lending criteria is relaxed.

The Times reported on Monday (21st July) that mortgage rate cuts by Woolwich "signalled that borrowing rates are finally on their way down".

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