This is according to unbiased.co.uk’s Advice Drivers report for March which also found that 28% of consumers searched for remortgage advice in March, falling for the first time in 2010.
With the Chancellor recently increasing the Stamp Duty threshold to £250,000 for first time buyers and the base rate remaining at an all time low of 0.5%, the latest figures from unbiased.co.uk reveal those looking to get on the property ladder remain the number one ‘advice driver’ for enquiries for a whole of market mortgage adviser. It appears that 2010 could see increasing levels of first time buyer activity.
There was a slight dip in enquiries from homeowners looking to remortgage in March, totalling 28% of all enquiries for a whole of market mortgage adviser. This has dropped for the first time in 2010, falling from 32% in February. The third top ‘advice driver’ was from people seeking residential mortgage advice, which rose to 23% in March (up from 21% in February).
Karen Barrett, Chief Executive of unbiased.co.uk, commented: “Since the start of the year, unbiased.co.uk’s Advice Drivers report has shown that first-time buyers are seriously looking into getting their foot on the property ladder. Now that first time buyers have also been given a helping hand with the Stamp Duty threshold being increased to £250,000, there is more incentive than ever to start looking into the financial possibility of getting into the property market.
“However, buying your first property is daunting and requires careful planning and research – not only into finding the right house, but also ensuring you will be able to cover the monthly mortgage repayments, the fees and the extra costs involved in buying a house. It is essential that both first-time buyers and those looking to remortgage seek professional advice to ensure they are making the best decisions for their individual circumstances.”
The average top ten Advice Drivers in March 2010 were as follows: first-time buyers, remortgages, residential. Buy-to-let, self employed, equity release, high LTV, sub-prime, flexible and commercial.
