The latest Spicerhaart Financial Services monthly mortgage survey shows that following a drop in first time buyers, numbers are now beginning to rise with a 1% increase recorded last month. First time buyers made up over a third of all purchasers in July. The survey also showed that the amount of debt first time buyers are taking on has reduced compared to last year, with 25% of buyers able to get a mortgage with an income multiple of three or less times their salary in July, compared with 18% at the same time last year.
Steve Cox, operations director of Spicerhaart Financial Services, commented: “With property prices falling by 15% in many areas already this year, there are growing opportunities for first time buyers to get onto the property ladder. This group is vital for the overall economic recovery of the country.
“If the Government does introduce a stamp duty holiday, this can only be further good news for these buyers. However, prolonged speculation will be damaging to the whole market at a time when it is just beginning to pick up. The Government has to act now.”
