Stagnating house prices fail to tempt first-time buyers | Money | guardian.co.uk
The number of first-time buyers gaining a foothold on the property ladder fell in May 2011, with approvals for homes costing less than £125,000 accounting for just 23% of all approvals, according to e.surv's mortgage monitor survey. This compares to 27% in April and 31% in August 2006 at the height of the property boom.
In early 2007, before the credit crunch hit, the proportion of approvals for homes costing less than £125,000 was 29%, even though house prices are at the same level now as they were then.
The chartered surveyor said it remained difficult for first-time buyers to secure a mortgage due to ongoing strict lending criteria, despite the number of mortgage products aimed at that part of the market almost trebling since June 2009 to about 180 deals, according to Moneyfacts.
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