Dear FIRST TIME BUYER – any milestones in the market for you in 2009?

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Looking back to the end of another year, it has been a real struggle for many first time buyers. So with this in mind, it will be interesting to see what the experience of the various industry sectors has been surrounding the property industry.


There is still the need to take care of a market which has suffered terrific impact and blows. There will be the need to cater for the market with tender care. The focus will continue on affordable housing and the commitment to support and help first time home buyers through HomeBuy.


The lenders have seen doubling in the number of Mortgage approvals compared to the end of last year. The property values have seen an increase by at least 2% which comes as a surprise.


Mortgage brokers will continue to be an important part of the mortgage channel. Mortgage brokers just follow the guideline of the Lender. Mortgage Brokers can be helpful but they are in business to get paid, and that money ultimately comes from the customer, no matter what they say. Mortgage Brokers have been blamed, battered, bruised, and kicked to the curb by the very banks that used to woo them. Mortgage brokers tend to have the info and ability to adjust to clients individual needs or changes, whereas often going to a larger bank often adds lengthy red tape and delays that can cause anxiety and sometimes ruin a deal. Mortgage brokers may benefit from tougher regulation. They will continue to be an important and appealing sector of the market.


As expected January 2009 was a good month with consistent market activity throughout the year. This came with the low prices and special deals available to the First Time Buyers.


Housing Associations in some parts of the country experienced sales matching levels experienced in 2008. The challenge faced in this sector in the course of the year was with raising the required deposits. No doubt the “Shared Ownership Scheme” has offered a good proportion of First time buyers the opportunity to get on the property ladder. A significant increase in enquirers for affordable housing were seen in 2009.


With a healthy rise but not earth breaking trickle seen in the latter part of 2009 has seen new buyer registrations. The Estate Agents no doubt remain apprehensive and reserved in their optimism.


First time buyers are not the only important people in the housing market. First time buyers are essential to keep the property market moving.

The average advance to first time buyers has fallen from £118,750 to £95,625. The number of first time buyers that purchased homes in November is said to have fallen to its lowest level in the space of a year according to a number industry groups. It was also the smallest proportion of first time buyers since November of last year, 2008. There are concerns, however, that the number of first time buyers getting onto the property ladder may continue falling as a result of the chancellor of the exchequer, Alistair Darling, announcing that the stamp duty holiday is definitely coming to an end- year end 2009. Industry experts are concerned that this will lead to a rising number of first time buyers at the lower end of the scale being unable to afford to buy, thus causing a profound impact on the first time buyer market.

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