Housing market 'unlikely to change' despite first-time buyer interest

Housing market 'unlikely to change' despite first-time buyer interestAn 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

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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.

Housing market 'unlikely to change' despite first-time buyer interest

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