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Is there a glimmer of hope for first-time buyers?
There could finally be a light at the end of the tunnel for first-time buyers as mortgage availability is starting to improve.
Moneyfacts.co.uk reported this week that there are 41 per cent more mortgage deals asking for just a ten per cent deposit than there was a year ago.
It also found that rates of these mortgage deals have fallen below six per cent for the first time since March 2008.
"There appears to [be] some minor improvements in mortgage availability for first-time buyers - but these changes are still small. First-time buyers shouldn't get too excited that their housing troubles are over," warned Matt Griffith, spokesman for PricedOut.
"First-time buyers still face a significant deposit hurdle - even what looks like a small deposit can be very large in cash terms given the high level of overall house prices," he explained.
Other obstacles include low savings rates, high levels of inflation, stagnant wages and rising rents, Mr Griffith added, making saving up for a deposit harder than ever, even if the situation has improved.
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Moneyfacts.co.uk reported this week that there are 41 per cent more mortgage deals asking for just a ten per cent deposit than there was a year ago.
It also found that rates of these mortgage deals have fallen below six per cent for the first time since March 2008.
"There appears to [be] some minor improvements in mortgage availability for first-time buyers - but these changes are still small. First-time buyers shouldn't get too excited that their housing troubles are over," warned Matt Griffith, spokesman for PricedOut.
"First-time buyers still face a significant deposit hurdle - even what looks like a small deposit can be very large in cash terms given the high level of overall house prices," he explained.
Other obstacles include low savings rates, high levels of inflation, stagnant wages and rising rents, Mr Griffith added, making saving up for a deposit harder than ever, even if the situation has improved.
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Published: 12/05/2011
The information in this article was correct at the time of publication and contains time sensitive data and links, it may not be accurate at the time of reading.