'Conditions will improve for first-time buyers'

By Jonathan Dawes, Tue 10 Jun 2008 - Published in Mortgages

The mortgage market will start to pick up again, according to Bestinvest.

Head of mortgages Peter O'Donovan said that although the market may not return to what it was six months ago, the Bank of England will not allow it to carry on its current state.

Mr O'Donovan was also hopeful that conditions should also improve for first-time buyers.

He said: "First-time landlords … may start to sell … as the rates are quite high to meet the rental calculations. They many decide to cut their losses. These sorts of properties may start to come back on the market."

The Council of Mortgage Lenders has predicted that house prices will be approximately seven per cent lower at the end of 2008 compared to the end of 2007.

It also estimates that the number of property transactions with be about 35 per cent lower this year than last year.

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