Number Of First-time Buyers Increases By 15% Over The Past Year

Online, June 25, 2013 (Newswire.com) - According to a survey by the property company LSL, the number of first-time buyers has increased by 15% over the past year, helped by lower borrowing costs and a wider choice of mortgages. The figures could actually be higher because demand for homes was artificially boosted in the spring of 2012 by changes to stamp duty rates.

In April this year, the Council of Mortgage Lenders (CML) reported the highest number of first-time buyers entering the market for five years. It said the number of loans issued to such purchasers rose by 17% between February 2012 and February 2013.

Over the last year the average deposit size has fallen by 0.5%, to 19.6% and mortgage rates have also come down. But despite cheaper mortgages, and smaller percentage deposits, it is becoming more difficult for some first-time buyers to afford a property. Because house prices have risen, the size of the deposit required is rising. In April 2012 the average deposit needed was £24,842. This April, buyers needed to find £27,178, a sum that also represents a higher proportion of the buyer's salary than a year ago.

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