First Time Buyers – The UK property market may be on the verge of turning. As confirmed by the Council of Mortgage Lenders there has been a 2% increase in the number of loans approved for house purchases between August and September.
First Time Buyers – This has led to around 50,000 deals going through. Though the month on month increase may seem fairly small, this represents a 43% rise on the corresponding period last year. Many people believe marked the bottom of the UK property sector.
Likewise, there has been an increase in the number of first time buyer mortgages totaling 19,700. The average loan to value (LTV) for the first time buyer loan fell from 84% in the corresponding period last year to 75% last month. This is higher than that of the other types of mortgage arrangements in the UK – 68% on average proportionate to those that are already on the property ladder.
Considering negative equity situation – there was also news on the re-mortgage front with a 10% increase month on month. Thus allowing for those in need to relieve some of the pent up financial pressure.