'More incentive than ever' for first-time buyers

Posted: 22 Apr 2010 10:24:23 GMT

There is more incentive than ever for potential first-time buyers to look into getting a foot on to the property ladder, it has been suggested.

Karen Barrett, chief executive of unbiased.co.uk, says the government has given this group of would-be homeowners a "helping hand" by raising the stamp duty threshold to £250,000 and they may wish to take advantage of this.

However, she states it is important that first-time buyers do not rush into purchasing a home without undertaking sufficient research.

"Buying your first property is daunting and requires careful planning and research - not only into finding the right house, but also ensuring you will be able to cover the monthly mortgage repayments, the fees and the extra costs involved," adds Ms Barrett.

Her comments come in response to the site's new Advice Drivers report, which reveals that first-time buyers accounted for 40 per cent of all mortgage enquiries in March.

However, although it would seem that this group of potential purchasers are seeking advice, it may not be transpiring into sales. New figures from GfK Financial show that the number of first-time buyers has dropped to its lowest level in two decades.

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