Signs suggest a greater number of
first time buyers are getting their foot on the property ladder, as mortgage lending rises.
Chartered surveyors E.serv reported a 30 per cent year-on-year increase in mortgage lending in January, as 58,610 home loans were approved.
Over 15,300 of these were for properties priced under £125,000, the Daily Telegraph reported. This price range generally attracts first time buyers, and the increase of almost a third since last year suggests more first time buyers are making their move into the property market.
The number of mortgages granted for this price range was at its highest since March 2008 and Richard Sexton, a director at E.serv, suggested the increase is down to the number of first time buyers looking to move before the end of the stamp duty holiday in March.
Bovis Homes is among the housebuilders urging first time buyers to move now and avoid paying the one per cent levy on all properties costing over £125,000 and £250,000.
The developer caters for those looking to get their foot on the property ladder through the FirstBuy scheme, available at its
Butterfields development of two and three bedroom homes north of
Bristol.
See Also: Property News (6705)
Date Published: 10 February 2012
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