First-time buyers 'have been busy'

Posted: 13 Aug 2010 10:44:49 GMT

There has been an increase in activity in the first-time mortgage market, a survey has revealed.

New figures from the Council of Mortgage Lenders showed a 20 per cent rise in approvals for first-time buyer loans in June.

Spokeswoman for Moneyfacts.co.uk Louise Holmes said the results will please potential borrowers who are considering stepping on to the property ladder.

"First-time buyer mortgage rates have fallen over the past six months and it is understandable that they are using this as a window of opportunity," she added.

However, Ms Holmes noted lenders will always give those with a big deposit a better rate.

She explained first-time buyers need to raise an average of £44,030 when they want to purchase a dwelling

Earlier this week, head of communications at the Home Builders Federation Steve Turner welcomed government plans to construct more new property.

Housing minister Grant Shapps announced communities that build additional residential accommodation will get funding to use in local areas.
 

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