Mortgage lenders 'more reluctant'
A property expert has said that figures that revealed the number of first-time buyers had dropped to its lowest leveel in 20 years was unsurprising.
Figures from GfK Financial showed that 347,000 people took out a mortgage in the past year, significantly below the yearly average of 561,000 new loans.
Helen Adams, managing director of FirstrungNow.com, said the findings were "abolsutely to be expected" given the large deposits being asked of potential house buyers wanting to purchase their first home.
"I think it will remain like this for some time. first-time buyers who are keen to get on to the property ladder will really need to work on getting a deposit together, probably with the help of their parents," she added.
News of increasing difficulties facing first-time buyers looking to get on to the housing ladder may encourage more people to look for property to rent in the London borough of Southwark, or elsewhere in the UK, as a result.
By Ben Carter
Published 22nd April, 2010
© 2010 Estates IT Limited
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More people may be interested in looking for property to rent in the London borough of Southwark, or elsewhere in the country, after an industry expert suggested mortgage lenders were more reluctant to offer enticing loans to first-time buyers.