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First time buyers entering UK mortgage market

Date: Mon, 24 Oct 2005

New figures suggest that there has been an increase of first time buyers entering the UK mortgage market.

Data from the National Association of Estate Agents (NAEA) shows a return of first time buyers to the property market, providing a boost for the number of UK mortgages being arranged.

The NAEA's September figures show 107,000 UK mortgages were approved during August, the highest level in more than 12 months.

The Council of Mortgage Lenders (CML) also revealed that homeowners arranged a total of £28.1 billion of UK mortgage cover during September, an 11 per cent improvement on 2004's figures and 4.3 per cent higher than August's figures.

Christopher Hall, of the NAEA said: "Compared with the same time last year, the prospects are looking healthy. We expect the market to be lively come January."

The upbeat figures are seen as a sign that the UK housing market is beginning to return to a positive outlook; however, some analysts are warning that the current demand for property could be due to the recent reduction of interest rates and may not continue in the long-term.


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