02-11-2007
New data shows resilience of first-time buyers
News by Adfero for Simply Business - independent providers of business insurance, business finance, landlord insurance, buy-to-let mortgages & commercial mortgages.
Despite the current difficulties in the UK housing market, first-time buyer enquiries remain strong, new research has shown.
According to data released by the Fair Investment Company, compared with the first quarter of 2007, where first-time buyer enquiries were averaging at a rate of 56 per cent, over the last three months enquiries have increased by a total of 18 per cent to reach 74 per cent.
"Britain's love affair with the property market is far from over, despite the recent dip and the gloomy forecasts for the next few years," said James Caldwell, director of the Fair Investment Company.
"Our figures suggest that while overall there have been fewer mortgage enquires since the first quarter of 2007, first-time buyers are still keen to seek out a deal," he added.
Indeed, the data has also revealed that the number of first-time buyers enquiring about 100 per cent mortgages has increased by 15 per cent.
Between the first and third quarters of the year, first-time buyer enquiries for 100 per cent mortgages increased from a rate of 77 per cent to 92 per cent.
However, in related news reported by the Financial Times, equities markets in London are experiencing a period of selling today (November 2nd), as a result of new concerns over the US sub-mortgage market.