First-time buyers 'getting raw deal'
Despite recent reports that the number of mortgage approvals has increased year-on-year for the first time since early 2007, first-time buyers are still getting a "very raw deal", one sector commentator has claimed.
The research by the Council of Mortgage Lenders reveals that the number of home loan approvals in July increased by 19 per cent compared to the same month in 2008.
Nicholas Leeming, director of propertyfinder.com, said the news was "encouraging".
However, he added: "first-time buyers hold the key to a full housing market comeback, but are still getting a very raw deal compared to those already on the property ladder."
Mr Leeming explained that such buyers continued to be restrained by severe difficulties in obtaining mortgage finance from lenders.
In addition, there was a shortage of properties being put on the market.
In light of these comments, Britons may feel that property to rent in Islington is a cheaper option in the short-term than buying it.
Written by Ben Carter
Published 17th September, 2009
© 2009 Estates IT Limited
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When it comes to mortgages, first-time buyers may still be financially struggling, which may mean that renting continues to be a more realistic option.