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London's first time buyers looking for cheap mortgages

Date: Thu, 16 Jun 2005

London first time buyers are looking for competitive mortgages to help them step on to the property ladder.

Figures from Spicerhaart estate agents show that the number of first time buyers in London has risen to a 15-month high, mainly due to cheaper mortgage deals.

"Both first-time buyers and the industry are coming up with more inventive ways to encourage buyers to the market and as a result, alongside the re-alignment of property prices, we are starting to see an increase in first-time buyer levels," said Russell Jervis, managing director of the estate agents.

"There is a plethora of first-time buyer mortgage deals available, which address the key criteria for first-time buyers - repayment costs, and our initiative has enabled us to proactively inform many first-time buyers that are unaware of the wide range of options that are currently on offer."

Overall Spicerhaart found that the average house price in London increased by 0.2 per cent in May and now stands at £226,114.

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