LEEDS is proving to be a hotspot for first time buyers according to city living specialist Morgans, which has seen a surge of buyers taking their first step onto the property ladder since the start of the year as the availability of mortgage finance improves.
This is supported by recent data from the Council of Mortgage Lenders (CML) which reveals that first time buyers now account for approximately 45 per cent of all new mortgages and have an average age of 29. Figures from the CML reveal the average loan to value ratio for first-time buyers has risen to 83 per cent, the highest since 2008.
Jonathan Morgan, managing director of Morgans, said: “The property market has suddenly become accessible again for first time buyers. Although there are horror stories about unrealistic deposit requirements and people having to save until their 40s before they buy, these often come from London sources.
“The outlook outside of London is actually much brighter and this is definitely the case in Leeds city centre where we have seen a good increase of first time buyers securing mortgages and buying apartments since the start of the year.
“This trend looks set to continue as we head into autumn and across the board we’re now selling twice the number of apartments than we did during the same period last year and the market has found a level of stability that hasn’t existed for several years. The British have always been a nation of homeowners and although the rentals market remains fierce at the moment, the majority of people who are renting aspire to buy their own home and for many this opportunity could now come sooner than they think.”