Following the publication of January lending figures by the Council of Mortgage Lenders, Peter Bolton King, chief executive of the NAEA, said: “The NAEA’s own figures revealed that since January, first time buyers are coming back to the market, with enquiries up by about 20%. These are people who want to buy property, are visiting agents and are searching websites like Propertylive.co.uk.
“It is crucial that they are able to translate this returning confidence into completed sales. It may be that these figures reflect the time lag between new enquiries and completions – otherwise it is damning evidence that more must be done to help first time buyers.”
Jonathan Turpin, chief executive of Moveme.com, agrees: “It is no surprise that mortgage lending activity continued to fall in January… [The] majority of first time buyers who are still looking to enter the market are being prevented by unattainably high deposit requirements.
“Until we see a return of a broader and more accessible range of mortgage products, the reality of homeownership is still a long way off for many first time buyers. For those who do not have a sizable deposit, the significant house price house falls which we have been experiencing cannot be exploited.”
