‘First Time Buyers’ News
Manchester is the place to get on the property ladder
Posted 2008-02-15
First time buyers in Manchester can pick up a city centre flat for £100,000, according to Savills. This makes vibrant Manchester more affordable than other cities such as London. Tom Rogers, residential investment consultant at Savills said: “There is a lot on offer. The market is going through a little blip at the moment but as far as property prices go, I think they are quite fairly priced in Manchester. A one-bedroom apartment is still quite affordable and that’s city centre living. You won’t get that in London.” Manchester has recently gone through a period of redevelopment and is still growing. According to manchesterfacts.com Manchester will see $4.9 billion worth of construction in the next ten years. ...
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First time buyers still able to invest
Posted 2008-02-14
First time buyers will still be able to make that first step on to the property ladder, despite the recent credit crunch. It is true that fewer lenders are offering 100% mortgages, but this is a result of lender prudence rather than the door being closed on first time buyers. Research from Moneyfacts shows that 11 lenders have stopped offering maximum mortgages since December 2007, but lenders are still supporting first-time buyers. Darren Cook of Moneyfacts said: “It’s not all doom and gloom for first-time buyers, it’s just that in the current mortgage market, they are not sure what is going to happen so they are being a bit prudent.” ...
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First time buyers could benefit from economic climate
Posted 2008-02-8
Mortgage lenders are becoming more stringent in terms of lending criteria, but not necessarily to the detriment of first-time buyers. In fact first time buyers could benefit from the current economic climate. According to Moneyfacts.co.uk larger deposits or third party guarantees are now needed by first time buyers. As such, this may stop them from over committing themselves in a home purchase. Darren Cook, head of mortgages at Moneyfacts.co.uk said:”I think lenders are still supporting first-time buyers, they’re possibly just being a little bit more prudent in how they advance their funds,” Mr Cook said. Since December last year 11 mortgage lenders have reduced the provision of maximum loans. ...
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Level of joint buyers spikes in 2007
Posted 2008-02-4
The number of partners buying homes together shot up in 2007, new research from John Charcol shows. The number of first time buys made buy couples grew by 45% in 2006 and 50% in 2007. The number of men buying houses alone fell to match this shift, whilst the number of women buying alone stayed roughly the same. Kate Tucker of John Charcol said: “”Buying together is a very sensible choice in terms of affordability. Not only for splitting the mortgage and the bills, but more cuddling up should save you on the heating!” Ms Tucker added that it is prudent for couples to rent first, to ensure the decision to live with their partner is the right one. As well as the level of joint buyers rising the market for secured loans is set to rise; The Bank of England has predicted that demand from householders for secured loans will rise in the first quarter of2008. ...