First-time buyers 'disappearing from market'
Fewer first-time buyers are purchasing home loans in the UK, according to new figures.
Data from mortgage broker John Charcol showed new buyers made a smallest proportion of the market since December 2008 and the company's director of marketing Drew Wotherspoon said that house prices are a key factor in this trend.
He said: "With the stamp duty move announced in the Budget, perhaps this number may increase gradually, but it was hardly the panacea for a bruised and battered brigade."
Its analysis revealed that first-time buyers made up just seven per cent of its mortgage business during March.
This week, Simon Rubinsohn, chief economist at the Royal Institution of Chartered Surveyors, suggested the home loans market remained "subdued".
Findings showing that fewer first-time buyers are getting mortgages might encourage more people to look for property to rent in the London borough of Ealing or elsewhere in the UK.
By Chris Price
Published 28th April, 2010
© 2010 Estates IT Limited
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More people may be encouraged to look for property to rent in the London borough of Ealing, or elsewhere in the country, after on expert suggested fewer first-time buyers are getting mortgages.