15% increase in first-time buyers this April
April saw a 15% increase in the number of first-time buyer transactions since March according to reports from LSL Property Services. In April 22,000 first-time buyer transactions were recorded, up by 2,900 when compared to March. This increase is considered to be a result of the Funding for Lending Scheme which allows lenders to offer more high Loans-to-Value loans.
Statistics from LSL Property Services reveal record low rates of mortgages. Despite this low level there is now a wider choice of mortgages which are transforming into more First-Time Buyer loans.
The mortgage market has shown signs of recovery since last year. LSL Property Services have reported that during the first four months of this year there were 9,600 more first-time buyers securing mortgages when compared to the same four months last year.