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First time buyers face financial constraints

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First time buyers face financial constraints

Peter Rollings, Managing Director of estate agent Marsh & Parsons, has been speaking about the issues that first time buyers face in getting onto the property ladder in the current economic climate. He said:  “The slight loosening of lending criteria towards the end of the year was a step in the right direction, but much more progress is needed from lenders throughout 2011.

 

Even with an 80% LTV, a first-time buyer currently requires nearly £33,000 for a deposit on the average UK house. And the situation is even more acute for buyers in London. With the average London house price standing at £341,009, buyers would need to pay over £68,000 up front. Mortgage finance is the lifeblood of the housing market, and we won’t see a resumption of the recovery in the market in most areas of the UK unless offer first-time buyers big enough mortgages to get their foot on the property ladder.

 

Despite the mortgage drought, we have seen a continuing improvement in market activity in Central London. Domestic and international cash buyers – immune to mortgage worries - have bolstered demand for prime properties in the centre of the Capital, and the advent of bonus season in the City has played its part in a strong December and beginning of 2011.”     




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