FTBs ''still want to own a home''
Fri 9th Nov, 12:05:51 GMT
First-time buyers are continuing to enter the property market despite the financial pressure purchasing a home can put them under, it has been claimed.
Figures released by Spicerhaart Financial Service revealed that although the number of first-time buyers looking for a property in October fell, over the last six months they made up 38 per cent of all those considering purchasing a house.
Steve Cox, operations director of the firm, said: "The proportion of first time buyers is significant and still strong. Despite some affordability constraints most still aspire to own a property and are entering the market encouraged by the held interest rates."
He added that last month''s fall in first-time buyers "is attributable to a slight seasonal lull rather than buyers abandoning the property market altogether".
"The figures are also encouraging as these buyers are a vital driving force in the housing market and essential for a healthy mortgage industry," he argued.
Last month, the Council of Mortgage Lenders said that although lending is "buoyant", it was becoming harder for first-time buyers to afford the cost of getting on the property ladder, with the typical person now having to borrow 3.38 times their income.
Figures released by Spicerhaart Financial Service revealed that although the number of first-time buyers looking for a property in October fell, over the last six months they made up 38 per cent of all those considering purchasing a house.
Steve Cox, operations director of the firm, said: "The proportion of first time buyers is significant and still strong. Despite some affordability constraints most still aspire to own a property and are entering the market encouraged by the held interest rates."
He added that last month''s fall in first-time buyers "is attributable to a slight seasonal lull rather than buyers abandoning the property market altogether".
"The figures are also encouraging as these buyers are a vital driving force in the housing market and essential for a healthy mortgage industry," he argued.
Last month, the Council of Mortgage Lenders said that although lending is "buoyant", it was becoming harder for first-time buyers to afford the cost of getting on the property ladder, with the typical person now having to borrow 3.38 times their income.
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