Property News

FIRST TIME BUYERS CONTINUE TO ENTER THE MARKET.

A recent Home Sale Network survey has found that first time buyers continue to enter the UK property market.

When asked whether there was an increase in first time buyers in 2011 compared to the end of 2010, over a third (35%) of respondents indicated that they had seen an increase.

A specially selected, national network of independent estate agents across England, Scotland and Wales, Home Sale Network is able to provide a good indication of the number of first time buyers around the country that are currently entering the UK property market.

62% of survey respondents named a lack of mortgage deposit as the biggest influence in preventing more first time buyers from entering the market. A further third of Network members reported that it was a lack of mortgage availability that was preventing some first time buyers from home purchase.

Andrew Coulson from Northumbria & Cumbria, the member of Home Sale Network in Tyne Valley said, “Our survey suggests that although the mortgage market continues to be a challenge to first time buyers, many are finding new ways to be able to afford their first home, whether it’s buying a property with a friend or a family member and so now is a good time to get on the property ladder.

“If you are a first time buyer then contact Northumbria & Cumbria today. As a Home Sale Network member, we are the Tyne Valley’s Local Expert and can help you find the right property.”