First-time home buyers secure more mortgages than ever before
More first-time buyers are taking out mortgages than ever before, figures from last month reveal.
FTBs accounted for a third of sales in October – that is 32%, the biggest share this group has ever taken of the mortgage market.
As detailed in the National Association of Estate Agents (NAEA) October Housing Market report, the average number of house hunters per branch rose by a third (32%) from 333 to 440. This was the highest number since February.
Emma Coffey, GW’s property expert, commented:
“The property market has faced a lot of uncertainty this year, so it is great news to hear that more mortgages are being taken out by first-time buyers, nation-wide.
“Is this proof that the market is beginning to bounce back? Let’s hope so. The next step is for the Government to look at properly tackling the shortage of homes this country is facing.
“The main piece of advice I would give to those considering their first property purchase is to enlist the assistance of a solicitor who is experienced in this area. Property law can be tricky and a good team of professionals should ensure that the process runs as smoothly as possible.”
Content correct at time of publication.