Market concern at lack of first-timers
THIS week’s summit on the plight of first-time buyers, which was held by housing minister Grant Shapps, concluded there was no quick fix.
The Council of Mortgage Lenders pointed out that high loan-to-value lending is very capital-intensive.
Meanwhile, Rightmove FirstTime Buyer Report finds that the percentage of first-time purchasers has dropped to 22.8 of all prospective buyers. In a healthy market the figure would be 40 per cent.
Miles Shipside, director of Rightmove, says: “This a big concern for the property market. First time buyers perform a vital function in completing chains and aiding fluidity on the housing ladder.”