First time buyers finding the bank crisis a real strain

As the number of home buyers increases, it seems that the number of first time buyers has dropped, according to new figures released by the National Association of Estate Agents (NAEA). The figures show that the latest percentage of first time buyers was only 19%, a drop of 3% on Octobers figures and the lowest this year. The figures for first time buyers have not been this low since November last year, which was the worst time for the property market.

As a result of the recent banking crisis, mortgage lenders are demanding large deposits, which leaves many first time buyers unable to afford this.

May saw the highest figure of first time buyers, accounting for 45% of the mortgage market. Another blow is that sellers received the news in the pre-Budget report when Chancellor Alistair Darling announced that he would levi the current 1% stamp duty from properties worth £175,000 to £125,000.

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December 23^rd 2009

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