First-time buyers 'see improving market conditions'

By Jonathan Dawes, Mon 23 Aug 2010 - Published in Mortgages

Conditions in the UK's housing market are improving for first-time buyers, a new study has argued.

Research published by Halifax found the proportion of a new homeowner's disposable income that is taken up by mortgage payments has fallen from 50 per cent in June 2007 to just 28 per cent in June this year.

The study also pointed out that 94 per cent of first-time buyers now find that their purchase is exempt from stamp duty, which more than half said helped them to buy their house.

However, the study revealed that more than half of aspiring first-time buyers blame affordability problems for their failure to get onto the property ladder.

Stephen Noakes, commercial director for mortgages at Halifax, commented: "We believe it's important that first-time buyers understand that whilst there are still challenges in raising deposits, other market conditions are more positive."

Last week, John Charcol senior technical manager Ray Boulger claimed that many of the UK's first-time buyers are finding current market conditions to be difficult.

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