First Time Property Buyers News: First time buyers appetite for homes is as strong as ever

Aspirations for home ownership are as strong as ever, says the Council of Mortgage Lenders (CML).

While getting a foot on the property ladder is far from easy, a new survey by the financial body had found that 85 per cent of young people still aspire to buying a home in the near future.

Raising a deposit is the most cited reason for difficulty in making the move, the CML stated. However, recent research showed that once on the property ladder first-time buyers now pay the lowest amount of mortgage interest in more than eight years.

The survey found that the average age of a first-time buyer is 33, not 37 as reported by some media outlets, and on average 36 per cent of all those buying a home for the first time do so without any financial help from friends or relatives.

Andy Pratt, chief operating officer at London-based Alexander Hall, said earlier this week that there are some positive signs for first-time buyers with more and more lenders now offering mortgages at high loan to values (LTVs).

First Time Property Buyers News