First-time buyer activity 'some way off returning to full health'

Posted by Emily Swanson

It will take until 2013 at the earliest for activity in the first-time buyer part of the UK's property sector to return to levels seen prior to the global economic downturn.

That is the opinion of Selwyn Lim, director of Mouseprice, who believes the fact that many consumers are finding it nigh-on impossible to access mortgages with high loan-to-value (LTV) rates is restricting the likelihood of them being able to get their feet on the housing ladder.

Following the recession, many banks and building societies have seemingly been reluctant to offer large LTVs and Mr Lim explained that until this trend ends, prospective first-time buyers will find it tough to buy homes.

"It will take a while. I think we are at least a couple of years away from that," he noted.

These comments come after the publication of new research by Halifax, which showed the proportion of towns and cities across the country deemed affordable in terms of property has risen to its highest point for eight years.
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11/08/2011 15:57

News category: Property

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