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First Time Buyers in the UK Mortgage Market 2010
Retail Finance Intelligence (RFI), April 2010, Pages: 23
This report attempts to draw some conclusions about this complex landscape – describing where it is now and where it may be heading, based on original research produced by the United Kingdom Mortgage Council. On the demand side, it describes recent trends in the size of the first time buyer market, the shifting demographics of first time buyers and the features and facilities they seek when choosing a mortgage. On the supply side it describes changes in the competitive landscape, the availability of products, and in the taxes and incentives that drive the market. Finally it makes some predictions for where the market may be heading in 12 months time.
Scope and methodology
The report uses data from surveys conducted online in January 2010. These surveys:
- Are nationally representative
- Are asked of 2,000 consumers who have, or are planning to take out, a mortgage
- Include a number of questions on future purchasing intentions, as well as sentiment toward investing
- Contain consistent questions, allowing RFI to track consumer behaviour
Highlights
A total of 24,900 first-time buyer mortgages were advanced during the month of December, a 26% increase on November's figure and the highest number since November 2007. Of these, 10,300 were used to buy properties costing between £125,000 and £175,000 – an increase of 63% on November's figure.
There are now more fixed-rate mortgages available for those wishing to borrow at least 90% of a property's value than at any time since the start of the credit crunch. In January there were around 150 such products on the market – up from around 80 at the start of 2009.
The UK first time buyers market remains, for the time being at least, a seller’s market, with lenders able to pick and choose their clients, competing toughly only for the best borrowers with the largest deposits and strongest credit scores.
Reasons to read this report
- Insight into the demographics and motivations of perspective first home buyers.
- Insight into the direction of the property market over the next year.
- To understand the likely behaviour of first home buyers in the current market, as well as some of the obstacles they face.
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