12
Feb
First-time buyers 'need further help'
More should be done to help first-time buyers enter the property
market, it has been stated.
Peter Bolton King, chief executive of the National Association of
Estate Agents (NAEA), called for lenders to make more mortgages
available for this group of potential purchasers.
"NAEA figures show that there is a huge demand for property from
first-time buyers, who are increasingly visiting estate agents,
registering their interest and searching for property," he
said.
Mr Bolton King was commenting on Council of Mortgage Lenders (CML)
statistics, which revealed a drop in the number of loans approved
to first-time buyers.
The level stood at 357,800 in 2007, but declined to 194,200 last
year.
Director general of the CML Michael Coogan explained that measures
designed to increase the flow of finance will "take time" to come
into effect, although he acknowledged that further action may be
required in order to improve the number of transactions.
