There is a current swelling wave of lending, first time buyers who are looking to get on the property ladder will need to catch this swelling wave of lending- mortgages are currently more available than a year ago but with a limited supply of homes available rising house prices could counterweight the excitement of cheaper mortgages, states David Brown, commercial director of LSL Property Services.
First Time buyers returned to the UK property market in January faster than an other type of buyer, according to the latest report from Chartered surveyors Connells Survey & Valuation.
‘A certain New Year jump is normal but this January has felt more like a stampede. The seasonal rebound between December and January has been significantly stronger than we usually experience,’ said John Bagshaw, corporate services director of Connells Survey & Valuation.
‘One factor is the effect of government schemes. The vast majority of Help to buy loans have been taken out by first time buyers. But alongside this is a wider movement, fuelled by a general surge of confidence and a new willingness by lenders to target new buyers,’ he added.
However “Demand is strong from the top to the bottom of the Market”, states Richard Sexton director of E Serv Chartered Surveyors.
First time buyers are keen to lock into cheap deals and get onto the ladder. Lenders are actively trying to keep volume high, to get business through the door before MMR puts a cap onto the volumes they can process.
Lenders are welcoming high LTV borrowers back to the market, which has opened the flood gates to first time buyers. Help to buy is encouraging renters to get on the property ladder.
House prices are rising quickly in most areas of the UK and the increase in LTV loans is keeping life flowing in the market.
A good time for Lenders and Conveyancers for the start of 2014 and onwards
