Mortgages are becoming easier to obtain for first-time buyers, noted an industry expert.
In the opinion of Ray Boulger, senior technical manager at John Charcol, the condition of the property market is still difficult.
However, first-time buyers can seek assurance in the expert's observation that mortgage approvals were getting "slightly easier" for first home purchases.
He also pointed out: "If you compare the availability of higher loan-to-value mortgages – 80 to 90 per cent [LTV] – with where we were six months ago, it is significantly better and the pricing is better."
The impending emergency Budget would usher in a period of growth in the numbers of mortgage applications approved in June, predicted Mr Boulger. This boost will be fuelled by the stamp duty limit being lowered to £250,000 for first-time buyers. However, he added that the increase would be relatively "modest".
Recent data made public by the Council of Mortgage Lenders (CML) reflects a drop in the number of first-time buyers making their way into the property market.
First-time buyers accounted for 35 per cent of the total house purchases in April this year, reported the CML. This figure was four percentage points lower than that recorded a month before. It was also lower than figures of the previous year which recorded first-time buys accounting for 39 per cent of property purchases.
April also saw the number of loans sanctioned for home buying drop to 40,000 recording a value of £5.7 billion, in comparison to 45,000 loans that were sanctioned in March with a total value of £6.3 billion.
Recent data published by FindaProperty.com indicates that entry-level housing prices had increased for the fifth month running with June recording a 0.2 per cent rise.
Asking prices for properties have also increased by 0.3 per cent in June 2010 to £220,308, according to the website.  |
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