First Time Buyer market on the UP!!!!

Lending to first-time buyers increased by 3% in February, making it the busiest start to a year for people joining the property ladder since 2008.

The Council of Mortgage Lenders (CML) said those who had never owned a property before were continuing to take advantage of more favourable market conditions, with a total of 16,400 loans made to first-time buyers in February. The figure is 17% higher than the 14,000 in February 2012.

First-time buyers accounted for 43% of all house purchase loans in February – the sixth consecutive month that this proportion has been at or above 40%. The data comes as George Osborne targets first-time buyers with his Help to Buy scheme, which was announced in last month’s budget and is designed to bolster the mortgage market through loan guarantees and support for acquiring new-build homes.

The CML director general, said: “We hope the new initiatives announced by the government in the 2013 budget will further stimulate first-time buyer activity, but also help those ‘second steppers’ looking to move into a new or existing home.”

The Funding for Lending scheme, under which the Bank of England backs loan to small businesses and homebuyers, has also received credit for renewing confidence in the housing market.

Speaking to Mortgage brokers and estate agents it is clear they have seen increased interest and confidence from buyers and sellers since the start of the year.  Hopefully this is the start of the hugely important First Time Buyer market in NI getting back to the heights that it should be at! And that is were we come in, any queries on any matter just drop us a line on 02890 471401, we are happy to help.