First-time property buyers 'vital to industry'

Posted: 29 Oct 2009 11:22:43 GMT

First-time buyers are "very important" to the housing industry as a whole, according to the assistant director of sales at Metropolitan Home Ownership (MHO).

James Chatt-Collins said that buy-to-let investors will fill the cheaper end of the market if first-time buyers cannot afford to purchase such homes.

He added that "there are some questions over the long-term sustainability" of this situation arising.

MHO was established in 1981 to create affordable housing choices and properties for households with low incomes and has helped around 25,000 people find places to live in the time since.

Mr Chatt-Collins said that parental financial support has been vital to many first-time buyers getting into a position to pay for mortgage deposits or at least take part in government-led schemes that get the home-buying process started.

In related news earlier this month, the Royal Institution of Chartered Surveyors reported that there has now been a positive net balance of new homebuyer enquiries for 11 months a row, which suggests demand for properties is present in the UK.


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