First-time property buyers on the rise
After several tough years for first-time buyers, the number of people getting their foot on the first rung of the property ladder is reportedly on the rise.
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Figures from LSL Property Services' First Time Buyer Monitor show that the number of buyers landing their first home in April increased by 2,900 from March, and the total number hit 22,000.
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Furthermore, in the first four months of 2013, 9,600 more first-time buyers secured mortgages than in the same period last year.
According to the figures, April's average first-time buyer was 30 years of age and earning an annual salary of £33,268, which is three per cent lower than the average income of buyers in March.
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It is thought low interest rates and a greater number of mortgages being offered, thanks to the Government's Funding for Lending Scheme, may be behind the increase.
But the outlook is still not entirely rosy.
LSL Property Services director David Newnes told the Daily Express: "Weak wage growth and rising house prices are keeping a lid on a market that could otherwise be boiling away happily."
Have you managed to get your foot on the property ladder, or have you given up on the dream of owning your own home? Leave your comments below...
