First-timers still face cash hur­dles

Yorkshire Post - Property - - PROPERTY -

SMART­NEWHOMES di­rec­tor Steven Lees says the lat­est first­time buyer lend­ing fig­ures from the Coun­cil of Mort­gage Lenders are not en­tirely pos­i­tive.

He says: “Araft of new com­pet­i­tive mort­gage deals this year has meant that a fifth more first time buy­ers were able to get on the prop­erty lad­der in Oc­to­ber, com­pared to the same time last year. This still rep­re­sents just 20,000 buy­ers over the month which is less than half of the num­ber at the peak of the mar­ket.

“The big­gest hur­dle is hav­ing to find an av­er­age de­posit of 20 per cent. This is where in­no­va­tive shared eq­uity schemes such as NewBuy and FirstBuy come into their own and we hope the Government con­tin­ues to sup­port th­ese.”

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