First-time buyers are edging back into the housing market, motivated by falling prices.
Brokers said young buyers had been able to meet tough mortgage lending criteria by borrowing money from parents and grandparents to fund large deposits.
Connells, the UK’s second largest estate agency, reported that in the past two months first-time buyers made up 10% of new sales. Stephen Shipperley, group chairman, said the proportion was higher than usual and could be the start of a trend.
'Evidence of more firsttime buyers is a silver lining on the very dark cloud that is the UK housing market,' he said.
Figures from the Council of Mortgage Lenders show the number of first-time buyers was at its lowest level for years in September.
'But if there is a recovery in the numbers it will be seen in estate agent figures first,' explained Sue Anderson at the CML.
Financial Times
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