More demand for first-time buyer mortgages

Recent research has shown that demand for first-time buyer mortgages is set to rise in the coming months.

The data, from National Association of Estate Agents (NAEA), shows that first-time buyers represented around 13 per cent of the market in December 2007 as opposed to 10.1 per cent in November, according to Mortgage Warehouse.

The NAEA also stressed the importance of further properties being put on the market before the implementation of home improvement packs (Hips) in December, the report continues.

Commenting on the increase of first time buyers in the market, NAEA president Stewart Lilly, said: "They have been able to take advantage of lower prices in some areas and the influx of one and two bedroom properties specifically prior to the Hips roll out."

He added that they hoped this increase would continue and that a further interest cut would help this as well as boosting consumer confidence on a wider scale.

The NAEA was founded in 1962 by estate agent and entrepreneur Raymond Andrews with the goal of upholding good practice and high professional standards in UK estate agency.

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