To rent or buy? The question which splits first time buyers

English HomesNew data has painted a confusing picture of the first time buyer housing market. The Council of Mortgage Lenders (CML), has released figures which show the number of first time buyers rose by 41% in July 2013, compared to the same time last year. In contrast, research from insurer LV=, formerly known as Liverpool Victoria, has shown many people of first time buyer age are happy to continue to rent. First time buyers on the rise The CML data shows a total ...

Mortgages: Help to Buy not available for second homes

Four in a row IIThe government has confirmed that its flagship scheme to boost the housing market, Help to Buy, will not be available to people buying a second home or foreign buyers. Help to Buy was announced by the Chancellor, George Osborne, in his Budget speech earlier this year. Launched in two parts, the scheme is designed to help people either buy their first property or move home. However, it has been dogged by controversy, with critics rounding on the scheme ...

Mortgages at their most affordable for over 10 years

The proportion of household income being used to meet mortgage repayments has fallen to the lowest level since 1999. Research done by the Halifax shows that for both first time buyers and existing homeowners the average mortgage now takes up 28% of disposable income, the peak was at the height of the housing boom in 2007 when the figure stood at 48%. All 12 regions of the UK have seen an increase in mortgage affordability since mid 2007, with the largest improvement taking place in Wales and Northern Ireland. The most expensive part of the UK would seem to be Kensington & ...

First time buyers give up hope of owning their own home

A survey by the Post Office has found that 53% of potential first time buyers believe that they will never be able to afford to buy a home. A similar number thought that to save enough money for the deposit currently required by lenders they would need to receive an unexpected lump sum of money or get a better paid job. Since the credit crunch banks and building societies have tightened their lending criteria and increased the size of deposit needed by first time buyers, with the most competitive deals given to buyers with the largest deposits. First time buyer average age The average ...