A spring in the step of first time buyers
With latest first time buyers figures at their largest annual totals in five years, it seems it's not just the flowers which are starting to bloom again.
According to figures from the Council of Mortgage Lenders (CML), the number of first time buyers in London improved by 15% in 2012 with 37,300 taking their first step on to the property ladder.
Overall UK figures rose 14% in Q4 2012 against the fourth quarter of 2011, making it the largest single quarter increase in first time buyer activity since Q4 2009.
The government's Funding for Lending Scheme (FLS) and NewBuy incentive are considered by many to be primary drivers behind this increase. Despite a slow start which saw just 629 completions by September 2012, the year ended strongly with NewBuy completions reaching over 1500.
Lynne McCaffrey is the Head of Property at Goldsmith Williams:
“This movement is undoubtedly good news. These improved figures, particularly in the notorious difficult capital, suggest lenders, with the help of FLS and NewBuy, are relaxing their rigid criteria and increasing the availability of higher loan to value mortgage deals.
“First time buyer activity is widely recognised as the foundation for a prosperous market; get that fighting fit again and it gives real hope for the rest of the market.”
It is therefore essential you use a highly experienced law firm, such as Goldsmith Williams, who can carefully guide you through your first purchase with minimal distress! You will benefit from having your own conveyancing team on hand to, inevitably, answer any questions you may have or shed some light on anything which confuses you.
Check out our free guide to Conveyancing. Written in plain English, it explains everything you need to do when buying a property and what we’ll do for you.
After all buying your first property is a real milestone, particularly in the current climate! It is something that should be savoured and enjoyed and to be proud of. So let us handle the complicated bit and leave you to pick out placemats and choose crockery and cutlery!
Content correct at time of publication