Newbuyers are ‘traumatised’
Where have all the first-time buyers gone? Simon Miller of Dewsbury and Wakefield-based estate agents Holroydmiller says: “Over the last 12 months all the evidence points to the number of first-time buyers active in the market reducing by some 30 per cent. Mortgage availability coupled with the ongoing requirement for seriously large deposits to obtain low repayment rates are clearly major contributors.
“Another more subtle factor is that many first-time buyers have effectively been traumatised into believing that the quest for a mortgage is impossible.”