First-time buyers 'disappearing from mortgage market'

Date:Tuesday 27th April 2010
Author: Susanna Kavka

John Charcol has highlighted how few first-time buyers it dealt with in March, with the trend put down to the increase in house prices.

Director of marketing at the company Drew Wotherspoon made his comments regarding the John Charcol mortgage index for March, which was published recently and showed that first-time buyers accounted for just seven per cent of such activity during the month.

"With the stamp duty move announced in the budget perhaps this number may increase gradually, but it was hardly the panacea for a bruised and battered brigade," he stated.

Mr Wotherspoon noted that the issues facing first-time buyers are well publicised and the increase in house prices appears to be leading to the disappearance of such homeowners.

In his view, the economic situation had offered a "glimmer of hope" to such borrowers.

John Charcol representative Ray Boulger recently highlighted how the upcoming general election could have a significant impact on the mortgage market.