13
Feb
Mortgage lenders loosening purse strings, expert says
Finance is beginning to become more readily available for
first-time buyers, according to one expert.
Former president of the National Association of Estate Agents
Richard Hair stated that those thinking of making a purchase are
finding that high deposits may no longer be needed.
While they previously may have had to produce as much as 30 per
cent of the property's value, he explained that lenders are
"easing" their requirements.
"The loosening of the purse strings is certainly making life that
little bit easier for the first-time purchasers that do want to get
into the market," Mr Hair remarked, adding that there are "plenty"
of buyers waiting to make a step on the property ladder.
According to Royal Institution of Chartered Surveyors figures, 16
per cent more of its members have reported a rise in interest from
potential buyers than a fall, with optimism that sales will soon
improve also increasing.
