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First-time buyers facing increased house prices

The Department of Communities and Local Government (DCLG) has released figures showing that first-time buyers now are facing an even tougher task if they are to buy their new home.

The average price paid by customers looking to buy their first UK home was £149,924 in January, 8.9% higher than a year previously. The rise was 0.2% when compared with December’s figures and was a general reflection of the UK house price rises over the past few months.

The Financial Services Authority (FSA) said that the proportion of new lending at a loan-to-value of more than 90% accounted for less than 2% of new advances in the final quarter of 2009, indicating that mortgage lenders are still demanding a significant deposit from new borrowers.

The biggest rises have been experienced in Scotland, with property values still falling in Northern Ireland. On a regional level within England, prices fell by 1.5% in the North East, but rose by 8.1% in the South East.

Source: BBC

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