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News Tag: first-time buyers

December 17, 2012

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

by Jan Harris
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 has been the main ...




December 12, 2012

Large deposits still challenging first-time buyers

by Jan Harris
Large deposits still challenging 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 a rise of 13.8% from September, a slower ...




November 12, 2012

First time buyers turning to affordable housing schemes

by Jan Harris
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 such schemes were the only ...




September 25, 2012

NewBuy reservations hit 1,500

by Jan Harris
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 home. The scheme is underwritten by the government and ...




September 12, 2012

Mortgage deposits fall for first-time buyers

by Jan Harris
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 lowest level since November 2008. In total, ...




September 11, 2012

Age of first-time buyers nearing 40

by Jan Harris
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 when they bought their first ...




September 10, 2012

NewBuy scheme helps 1,300 first time buyers

by Jan Harris
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 the HBF and the Council of Mortgage ...




May 16, 2012

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

by Jan Harris
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 cent increase from the ...




April 2, 2012

Hometrack reports increase in house prices

by Jan Harris
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 time buyers boosted the figures prior to ...




February 20, 2012

Mortgage lending 12% lower in January

by Jan Harris
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 January, by 30 per ...




February 13, 2012

Offset mortgages recommended to first time buyers

by Jan Harris
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 amount of savings, as they ...




January 20, 2012

HSBC to lend £15bn in mortgages this year

by Jan Harris
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 2012 and represents HSBC’s ...




December 16, 2011

Rental costs fell in November

by Jan Harris
Rents 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 for 10 months. However, although this represents ...




December 9, 2011

Loans to first-time buyers down 10%

by Jan Harris
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 many prospective house purchasers living in ...




November 30, 2011

Chancellor announces end of stamp duty concession

by Jan Harris
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 people buying their first home ...




November 22, 2011

Nationwide announces 48% increase in mortgage lending

by Jan Harris
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 cent more than it did ...




November 21, 2011

Government unveils new housing strategy

by Jan Harris
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 granted, and the creation of 32,000 ...




November 17, 2011

Government working on low deposit mortgage scheme

by Jan Harris
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 low-deposit mortgages for first-time ...




November 14, 2011

Outlook for mortgage market uncertain

by Jan Harris
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 the number of mortgages approved for ...




November 11, 2011

CBI says pensions should fund house buying

by Jan Harris
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 it impossible for many people ...