Housing market 'unlikely to change' despite first-time buyer interest
An increase in first-time buyer interest is unlikely to bring any chance to the UK property market, according to one expert.
Research from the Council of Mortgage Lenders (CML) indicated a 13 per cent rise in mortgages to those looking to buy their first home with 12,600 new loans, but that number is substantially down on December's figures of 24,800.
Bob Pannell, head of research at CML, said predicting how the hosuing market would fare would be difficult given the poor start to the year.
"With the supply of credit still tight and the upcoming election causing political uncertainty, we are unlikely to see much change in the near future," he added.
Jonathan Moore, director of Easyroommate, told the Times that the ratio of mortgages to first-time buyers is "pitifully low".
Continued uncertainty over the health of the housing market may deter first-time buyers from trying to get on to the property ladder and they may consider looking for property to rent in the London borough of Epping Forest, or elsewhere in the UK, instead.
By Ben Carter
Published 16th April, 2010
© 2010 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
First-time buyers may be encouraged to look for property to rent in the London borough of Epping Forest, or elsewhere in the UK, after a mortgage expert predicted the faltering housing market was unlikely to improve in the near future.