'Sharp increase' in first-time property buying

Posted: 22 May 2009 11:02:16 GMT

There was a "sharp increase in the proportion of purchases made by first-time buyers" during the first four months of 2009, compared to the end of last year.

At least that is one of the findings from the latest John Charcoal Index, which indicated that the percentage of first-time buyers was up three-and-a-half times on the last months of 2008.

Now could be a good time to sell a home privately online, with demand seemingly high.

Ray Boulger, a financial expert from the mortgage adviser firm responsible for the survey, said that the upturn in first timer activity is "one of the best indicators" that there is confidence in the property market.

He also claimed that a "surprising number" of people had been able to find money - either through good saving habits or the so-called bank of mum and dad - to pay for a 25 per cent deposit on a mortgage.

John Charcoal's findings come after the National Association of Estate Agents Housing Market Report for April noted a surge in first-time buyer activity in the last two months.


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