The latest figures from a mortgage expert suggest that first-time buyers are beginning to enter the property market again.
The proportion of house purchases made by first-time buyers increased during the first four months of the year, new figures from a mortgage expert have revealed.
According to the John Charcol Index, the proportion of first-time buyers (FTBs) involved in transactions was 3.5 times higher between January and April than in the previous four months. The firm's Ray Boulger said that the fact so many FTBs were returning to market, despite the unavailability of high loan-to-value mortgages, bodes well for the property sector as a whole.
"A surprising number of FTBs have managed to find deposits of at least 25 percent in order to access a wider choice of mortgages and get a cheaper deal," he said.
"Many branches of The Bank of Mum and Dad have proved more robust than many of our high street banks, haven't needed a government bail-out and recognise that providing their son or daughter with a sizable deposit is often a good way of utilising their savings."
The index also showed that fixed-rate mortgages have continued to become more popular. In April, 82 percent of all business written by John Charcol was for fixed-rate mortgages, up from 80.9 percent in March and 47.8 percent in January.
