Mortgage conditions not stopping first-time buyers, says newhomesforsale.co.uk

Date:Wednesday 22nd December 2010
Author: Max Freedman

An expert from newhomesforsales.co.uk has claimed difficult mortgage lending conditions are not standing in the way of consumer interest in new properties.

Vernon Pethard, managing director at the company, explained that the number of first-time buyers making enquiries on the site has increased by 2.5 times this year compared with the previous 12 months.

"With new homebuilders offering some incredible deals, the bank of mum and dad is clearly helping many young couples get on the housing ladder," he said.

Mr Pethard suggested shared ownership schemes, part-exchange deals and other specialist transactions are driving online searches.

In his opinion, many young applicants are drawn to the idea of owning a new house, due to the typically lower running costs.

Official statistics released by Communities and Local Government indicated that UK house prices have increased by 5.5 per cent over the past year, despite dropping by 0.1 per cent in October.An expert from newhomesforsales.co.uk has claimed difficult mortgage lending conditions are not standing in the way of consumer interest in new properties.