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
London Rental Property News By London Borough / Category
Latest London Property News Headlines
Streatham town centre to be improved by BID?
Major improvements could be made to Streatham town centre thanks to a new business partnership.
Read Article ... Published on 25th May, 2012
Olympic infrastructure 'to drive east London house market'
The infrastructure created by the Olympics will see the east London property market become more popular.
Read Article ... Published on 24th May, 2012
Olympic infrastructure 'to drive east London house market'
The infrastructure created by the Olympics will see the east London property market become more popular.
Read Article ... Published on 24th May, 2012
Barking Splash Park opens this weekend
Barking Splash Park will be free to use this weekend (May 25th-27th) to mark its opening.
Read Article ... Published on 24th May, 2012
Southwark estates to get cheaper energy bills
Residents in Southwark can look forward to cheaper energy bills thanks to the creation of a new underground green network.
Read Article ... Published on 23rd May, 2012
Enfield £1.3bn masterplan unveiled
A masterplan has been unveiled that will see a 200-acre site in Enfield regenerated as part of a £1.3 billion plan.
Read Article ... Published on 23rd May, 2012
Londoners encouraged to grow their own fruit and veg
People in London are being encouraged to grow their own fruit and vegetables.
Read Article ... Published on 22nd May, 2012
Merton 'embraces green improvements'
Merton is now a cleaner, greener location to live in thanks to the implementation of the Wandle Valley Low Carbon Zone (LCZ).
Read Article ... Published on 22nd May, 2012
London house prices rise by 1,782% in past 35 years
London house prices have increased by 1,782 per cent in the last 35 years.
Read Article ... Published on 21st May, 2012
Poplar's Chrisp Street to get £100m regeneration
Some £100 million is to be spent regenerating the Chrisp Street area of Poplar in Tower Hamlets.
Read Article ... Published on 21st May, 2012
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.