First-time buyers are a "crucial" part of the economy and more must be done to help them, it has been stated.
According to the National Association of Estate Agents (NAEA), further action should be taken to ensure that mortgages are made available to this group.
Chief executive Peter Bolton King explained that interest continues to be seen, stating: "NAEA figures show that there is a huge demand for property from first-time buyers, who are increasingly visiting estate agents, registering their interest and searching for property."
However, statistics from the Council of Mortgage Lenders have suggested that these investors are unable to secure funding.
Mortgages approved for those making their initial step on the property ladder dropped from 357,800 in 2007 to 194,200 last year, the body found.
Director general Michael Coogan said that this is a result of measures designed to improve the flow of lending not having taken effect yet, as this will "take time".
See Also: Property News (6705)
Date Published: 12 February 2009
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