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News Tag: first time buyer

April 13, 2012

People waiting until 30 to buy first home

by Jan Harris
People waiting until 30 to buy first home
The average age of a first time buyer in the UK has increased to 30 according to research by Clydesdale and Yorkshire Banks. In the face of large mortgage deposits, a shortage of affordable housing and pressure on personal incomes, many potential house buyers have to wait longer before they can afford to take their first step on the property ladder. ...




January 10, 2012

Unrealistic house prices hamper market

by Jan Harris
Unrealistic house prices hamper market
Although more new houses were put up for sale in December, transactions were hampered by sellers asking too high a price for their properties, according to the Royal Institution of Chartered Surveyors (RICS). December saw the number of houses put up for sale increase for the third month in a row, especially in London where new instructions reached their highest level since ...




December 6, 2011

Criticism of mortgage indemnity scheme mounts

by Jan Harris
Criticism of mortgage indemnity scheme mounts
PSigma Investment Management’s chief investment officer, Thomas Becket, has added his voice to the growing criticism of the government’s mortgage indemnity scheme. According to Money News, Mr Becket claims that the scheme is doomed and that a return to 95 per cent loan-to-value (LTV) ratio mortgages will cause problems in the future. The scheme was announced by the Chancellor last week ...




November 24, 2011

HSBC launches sub-4% mortgage for first-time buyers

by Jan Harris
HSBC launches sub-4% mortgage for first-time buyers
HSBC claims to have launched the only mortgage with a rate of less than 4% for first-time buyers and has also promised to make a further £350m available to borrowers with smaller deposits by the end of the year. It latest mortgage offers a rate of 3.84% for two-years to borrowers with a deposit of between 10 and 15 per ...




November 15, 2011

Houseowners must save to climb property ladder

by Jan Harris
Houseowners must save to climb property ladder
Not so long ago houseowners could rely on the equity in their existing property, generated by its growing market value, to fund a move to a larger home, but new research from HSBC confirms that this is often no longer an option. The bank suggests that a fall in property prices means that first time buyers now need to either save ...




March 23, 2011

Chancellor Osborne delivers 2011 Budget

by Kay Mitchell
”Chancellor
Chancellor George Osborne has delivered his Budget speech today, what he has described as a "Budget for growth". Firstly, Mr Osborne unveiled a scheme aimed at helping 10,000 first-time buyers purchase new-build flats and houses. The buyer would have to fund 5% of the cost, while the Government and home builder would both put up 10%. The measures come as first-time buyers continue to struggle ...




July 6, 2010

Connells reports surge in seller confidence

by Gill Montia
”Connells
Connells Survey & Valuation has reported a surge as seller confidence in June, the first clear month in which Home Information Packs have been abolished. The nationwide property valuation service saw a 20% rise in valuations, compared with a year earlier, taking volumes in the second quarter of 2010 up 13% on the same period of 2009. However, first-time buyer volumes increased ...




May 20, 2010

FTB affordability eases despite house price rises

by Gill Montia
”FTB
In its May affordability index, FindaProperty.com has reported that first-time buyer house prices have increased for the fourth consecutive month, taking the average asking price of a starter home to £155,677. The figure is 1.2% higher than a year ago and at its highest since February 2009. At the same time, affordability has improved for those getting a foot on the property ...




May 17, 2010

House purchase lending up 45%

by Gill Montia
”House
House purchase lending increased by 45% in March, marking the ninth consecutive month of year-on-year growth, according to the Council of Mortgage Lenders (CML). Loans for house purchase were up 25% in volume (45,000) and 24% in value from February but for the first quarter of the year as a whole, there were 112,000 loans for house purchase, down from 171,000 in ...




April 16, 2010

Housing market recover “well underway”

by Gill Montia
”Housing
The UK property market experienced a seasonal bounce last month, with estate agents reporting more properties for sale alongside a rise in the number of house-hunters. According to the National Association of Estate agents (NAEA), the stock of homes for sale in March was at its highest for six months, and although first-time buyer interest waned slight when compared with February, the numbers ...




March 24, 2010

US new home sales fall in February

by Kay Mitchell
US new home sales fall in February
The Commerce Department has today revealed a fall in sales of new homes in the US for the month of February. According to the Commerce Department, new single-family home sales fell by 2.2% on the month to a seasonally adjusted annual rate of 308,000 units - the lowest since records commenced in 1963. Meanwhile, the fall represented the fourth consecutive monthly fall ...




March 22, 2010

Young Britons prepare for 10-year wait on home ownership

by Gill Montia
”Young
Buying a home has become a pipe dream for millions of young Britons, the National Housing Federation (NHF) claims. Research by the body, which represents England's housing associations, suggests that 50% of those wanting to get a foot on the property ladder are preparing for at least a 10-year wait. The YouGov survey commissioned by the NHF also revealed that ...




March 16, 2010

Friendlier lending eases the way for first-time buyers

by Gill Montia
”Friendlier
Affordability for first-time buyers has continued to improve, according to FindaProperty.com. The website's latest index suggests it is now easier for first-time buyers to get onto the property ladder than it has been at any time since the start of the credit crisis, in 2007. Stable prices and more borrower-friendly lending criteria are responsible for the shift, which has occurred despite ...




March 12, 2010

New mortgage lending plummets

by Gill Montia
”New
There were 49% fewer house purchase loans approved in January than in December, the Council of Mortgage Lenders (CML) has reported. According to the body, the steep decline "emphatically demonstrates" the impact of the end of the stamp duty holiday, in December. First-time buyers recorded the largest drop among house purchasers: in January, approvals were down to 11,300 compared with 24,800 in December. However, January first-time ...




February 17, 2010

Official figures show 2.9% house price gain for 2009

by Gill Montia
”Official
Latest UK house price statistics from the Department for Communities and Local Government (DCLG) show the value of a typical home up 2.9% in December, compared to a year earlier. The month saw a 0.8% increase on November, taking the average house price to £200,307 and completing a 2.9% gain for the final quarter of 2009. However, the three-month ...




February 13, 2010

First-time buyer loans hit two-year high

by Gill Montia
”First-time
First-time buyer mortgage approvals hit a two-year high in December as those buying properties costing up to £175,000 rushed their purchases through before the end of the stamp duty holiday. According to the Council of Mortgage Lenders (CML), 24,900 first-time buyer loans were sanctioned worth £2.9 billion, leaving both figures up 26% on November. In December, house purchase approvals in general totalled ...




January 25, 2010

US home sales in sharp decline in December

by Kay Mitchell
US home sales in sharp decline in December
The National Association of Realtors (NAR) has today revealed a sharp fall in sales of previously owned homes in the US for the month of December. The industry body said sales fell 16.7% to an annual rate of 5.45 million units in December, down from 6.54 million the previous month. Analysts had expected a rate of 5.90 million units. However, ...




January 3, 2010

First-time buyer affordability best in 25 years

by Gill Montia
”First-time
Potential first-time buyers on average earnings can now afford to buy a home in nearly four out of 10 regions of the UK, the Halifax has reported. According to the lender's research, 39% of the UK's local authority districts are accessible to those wanting to buy their first property, compared to 6% when the housing market peaked in 2007. Halifax housing economist, ...




December 23, 2009

Yorkshire BS raises cashback for first-time buyers

by Gill Montia
”Yorkshire
Yorkshire Building Society is responding to the end of the stamp duty holiday by increasing the cashback offer on its first-time buyer mortgages. From 1st January 2010 the threshold for the tax reverts to £125,000 (from the current £175,000) and to compensate, the lender is returning 1% of the total loan, rather than a set £500. The enhanced offer applies to a ...




December 9, 2009

Rise in first-time buyer mortgages

by Gill Montia
”Rise
Potential first-time buyers who are dreading the end of the stamp duty holiday are being cheered on by moneysupermarket.com. The price comparison website has calculated that the number of mortgage products available to those keen to get a foot on the property ladder has risen to 1,354, up 18.3% on August's low. The firm's mortgages channel manager, Hannah-Mercedes Skenfield, says: "It is encouraging to ...