12
Aug
Outlook for first-time buyers 'improves'
The outlook for first-time buyers planning to purchase a house for
sale in the UK has improved, according to recent findings.
Today (August 12th), Moneyfacts reported that the recent drop in
house values has encouraged people to step onto the property
ladder.
A spokeswoman for the company Louise Holmes said: "Potential
borrowers dreaming of owning their first home will have been
pleased with recent reports suggesting a fall in house
prices."
She added that mortgage rates for first-time buyers have also
declined during the first half of 2010, which could have encouraged
potential homeowners to make a purchase.
Moneyfacts findings revealed that the current average two-year
fixed-term rate for first-time buyers for a 90 per cent
loan-to-value mortgage was 6.15 per cent.
This was a reduction from 6.48 per cent in January.
Last week, the Home Builders Federation suggested that the
government should continue with its HomeBuy Direct initiative,
which has already helped 10,000 purchasers over the last two
years. 