London and Scotland first time buyer figures at 3 year high

by Hannah 28. November 2012 10:52

According to the Council of Mortgage Lenders, the first time buyer figures in Scotland and London are currently at a 3 year high. Figures showed that around 10,000 first time buyers in London took out a mortgage in the third quarter of 2012. The figures also showed an increase of 8% from the second to the third quarter of the year.

It?s been estimated that the average first time buyer is taking out a mortgage that is 3.5 times their annual income. It?s also estimated that first time buyers in the London area tend to put down a bigger deposit too.

In Scotland the figures are slightly lower. It?s estimated that first time buyers borrowed around 2.83 times their annual income. The house prices in Scotland are currently much cheaper than they are in the rest of the UK.

Experts are saying that this boost in first time buyers in London and Scotland is encouraging. However, the rest of the housing market appears to still be a little flat.

There?s a new MI home scheme being introduced throughout the country which aims to give consumers higher loan to value mortgages. This only applies to new build homes, but it could help to get first time buyers onto the market.

Despite the increase in London?s first time buyers, there are still many challenges that the city faces. The Mayor of London is responsible for investment and housing strategy in the city.

These days it can be quite difficult to get onto the housing market when you?re a first time buyer. This is especially true if you have bad debt. If you?re worried about the effect your credit report will have on your mortgage applications then financial management plans can help. Contact us today for a no obligation quote on our financial management plan service.

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Notes to editors:

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