First time buyer market takes a turn in the right direction
Published: 16/08/2011
First time buyers finally have something to smile about as the number of mortgages taken out by this market is at a 10-month high.
The figures, released by the Council of Mortgage Lenders, shows both the volume and value of first time buyer loans are up month-on-month, 24 and 29 per cent respectively.
Whilst these figures are undoubtedly good news, they remain down year-on-year. In June 2010, first time buyer volume was at 32 per cent, and value 37 per cent.
Paul Smee, Director General of the Council of Mortgage Lenders said:
“Whilst there are clearly financial uncertainties ahead, it is encouraging to see more house buyers surfacing at the start of the summer.
“Recent increases in Bank of England approvals figures also show that more completions are expected in July, so the more encouraging numbers may persist for a while.”¹
Goldsmith Williams are dedicated to helping first time buyers. GW 1st Step gives first time buyers 10 per cent off our normal purchase fees as well as throwing in £50 Marks and Spencer or B&Q vouchers, perfect for indulging that new found love of scatter cushions or crockery shopping*!
Source
¹Mortgage Strategy (Aug 2011)
Content correct at time of publication