Tag: first-time buyers

First-time buyers take a decade to save for a deposit

First-time buyers take a decade to save for a deposit

Before the credit crunch it took first-time buyers two to four years to save up a deposit for a property but a quarter of first-time buyers now say it will take them at least ten years. In its latest Property Tracker report, the Building Societies Association (BSA) suggests that since September 2010 raising a deposit […]

December 17, 2012 More
Large deposits still challenging first-time buyers

Large deposits still challenging first-time buyers

The Council of Mortgage Lenders (CML) is forecasting a positive year in 2013 for the UK property market, but first-time buyers are still struggling to find the large deposits required by mortgage lenders. The CML has recorded a steady increase in mortgage lending with 49,500 home loans advanced for house purchases in October. This represents […]

December 12, 2012 More
First time buyers turning to affordable housing schemes

First time buyers turning to affordable housing schemes

New research from Lloyds TSB suggests that more first time buyers are using shared equity and shared ownership schemes to help them take their first step on the property ladder. The bank found that 46 per cent of first time buyers are now using affordable housing schemes, with 26 per cent of them saying that […]

November 12, 2012 More
NewBuy reservations hit 1,500

NewBuy reservations hit 1,500

The government’s NewBuy mortgage scheme has reached 1,500 reservations according to the Home Builders Federation (HBF). The scheme is designed to help boost the number of mortgages available to home buyers with smaller deposits. NewBuy mortgages are available to buyers of new build properties who have just a 5 per cent deposit on their new […]

September 25, 2012 More
Mortgage deposits fall for first-time buyers

Mortgage deposits fall for first-time buyers

There are two pieces of good news for potential first-time buyers today, with average deposits starting to fall and the launch of a mortgage indemnity scheme in Scotland. According to the latest figures from the Council of Mortgage Lenders (CML) the average deposit required by a first-time buyer has fallen to 19 per cent, its […]

September 12, 2012 More
Age of first-time buyers nearing 40

Age of first-time buyers nearing 40

New research by Post Office Mortgages reveals that many first-time buyers are nearing the age of forty before they can afford to purchase a home. Most will have to save for a decade in order to afford a deposit on a mortgage, the survey suggests. Post Office Mortgages asked 1,300 homeowners how old they were […]

September 11, 2012 More
NewBuy scheme helps 1,300 first time buyers

NewBuy scheme helps 1,300 first time buyers

The Government’s NewBuy scheme, which was launched in March, has already helped 1,300 first-time buyers onto the property ladder according to the Home Builders Federation (HBF). NewBuy was launched in an effort to increase activity in the first-time buyer market and to help the country’s ailing house building sector. The scheme, which was developed by […]

September 10, 2012 More
Mortgage lending to first-time buyers up 74% in March

Mortgage lending to first-time buyers up 74% in March

Mortgage lending to first-time buyers soared in March, as house-buyers rushed to buy their first home before the end of the stamp duty holiday. Properties below the value of £250,000, purchased before 24 March, were exempt from the 1 per cent tax. Twenty-four thousand mortgages were approved for first-time buyers in March, a 74 per […]

May 16, 2012 More
Hometrack reports increase in house prices

Hometrack reports increase in house prices

House prices increased by 0.2 per cent across the UK in March, according to property analytics business Hometrack, representing the first price rise in 20 months. The increase was helped by increased demand from first time buyers, a scarcity of homes on the market and strong interest in properties in London from overseas buyers. First […]

April 2, 2012 More
Mortgage lending 12% lower in January

Mortgage lending 12% lower in January

Gross mortgage lending fell to £10.5bn in January, 12 per cent lower than the total for December. However the figures represent a year-on-year increase of 10 per cent, the Council of Mortgage Lenders (CML) said. January was the sixth consecutive month of higher lending compared with the previous year. Home loan approvals also increased in […]

February 20, 2012 More
Offset mortgages recommended to first time buyers

Offset mortgages recommended to first time buyers

Paula John, the editor-in-chief of Your Mortgage magazine, has advised first-time-buyers to consider paying for their home through an offset mortgage. Offset mortgages are “the way forward” she said, suggesting they are “the most tax-efficient way of using any excess income”. However offset mortgages are only suitable for potential house buyers who have a significant […]

February 13, 2012 More
HSBC to lend £15bn in mortgages this year

HSBC to lend £15bn in mortgages this year

HSBC has announced plans to lend more than £15 billion in mortgages this year, with £3m of this ring-fenced for first-time buyers. This should provide mortgages for up to 150,000 home buyers during 2012, including 27,000 people buying their first home. The sum amounts to 11 per cent of all the mortgage borrowing predicted for […]

January 20, 2012 More
Rental costs fell in November

Rental costs fell in November

LSL Property Services, which includes Your Move and Reeds Rains, announced a 0.4 per cent drop in rent for a ‘typical’ property to £717 in November. Rents have been rising throughout the year, driven by increased demand from people unable to afford to buy a propert and November’s decline marked the first fall in rent […]

December 16, 2011 More
Loans to first-time buyers down 10%

Loans to first-time buyers down 10%

October was a difficult month for first-time buyers according to the latest figures from the Council of Mortgage Lenders (CML). Ten per cent fewer home loans were offered to first-time buyers compared with September and the average deposit they had to find was a hefty 20 per cent. In the current economic climate and with […]

December 9, 2011 More
Chancellor announces end of stamp duty concession

Chancellor announces end of stamp duty concession

In a move that could cause sales of first-time buyer properties to rise sharply early next year, the current exemption on stamp duty will not be extended as hoped. In his Autumn Statement yesterday, the Chancellor said that this concession has proved ineffective in increasing the number of first time buyers entering the market, therefore […]

November 30, 2011 More
Nationwide announces 48% increase in mortgage lending

Nationwide announces 48% increase in mortgage lending

Despite the slump in the housing market, Nationwide Building Society’s gross mortgage lending increased by 48% to £8.9 billion in the six months to September. Although the number of first-time buyers in the market continued to fall, Nationwide lent more than £1.2 billion to this group in the first half of the year, 3 per […]

November 22, 2011 More
Government unveils new housing strategy

Government unveils new housing strategy

David Cameron has announced a new housing strategy designed to get “Britain building again” but Labour claims that the promise of £400m to kickstart stalled developments is ‘small beer’. From July next year, the “Get Britain Building Fund” is expected to support the building of 16,000 new homes for which planning permission has already been […]

November 21, 2011 More
Government working on low deposit mortgage scheme

Government working on low deposit mortgage scheme

The Chancellor George Osborne is expected to announce a scheme to help first-time buyers in his autumn statement on November 29, according to a report in The Telegraph. The statement, which will set out plans to encourage growth in the UK’s economy, could include a mortgage indemnity guarantee scheme, which would see the government underwriting […]

November 17, 2011 More
Outlook for mortgage market uncertain

Outlook for mortgage market uncertain

Although the mortgage market is currently stable, the outlook remains uncertain in the face of the eurozone crisis. The Council of Mortgage Lenders (CML) has reported that 48,200 mortgages were taken out to buy homes in September, two per cent less than in the previous month. However there was a 3 per cent improvement in […]

November 14, 2011 More
CBI says pensions should fund house buying

CBI says pensions should fund house buying

The CBI is calling for a radical rethink in the way house purchases are funded including allowing buyers to dip into their pension pot for the deposit on their first home. The number of first-time buyers fell from a high of 167,400 in 2001 to 36,200 in 2011 with unaffordable deposits and financial insecurity making […]

November 11, 2011 More