First-timers still face cash hurdles
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.”