Housing market boosted by first time buyers

The number of first time buyers has soared.
The number of first time buyers has soared.
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First time buyer numbers have soared to their highest level for six years after mortgage rates were slashed.

Halifax estimates there were 120,000 first-time buyers in the first six months of 2013, marking the biggest number since there were 181,500 buyers in the first half of 2007.

But while the amount of new homeowners has improved, many of them found themselves having to pay stamp duty on top of raising funds for a deposit, according to the study from Halifax.

Justin Allitt, managing director of Fylde coast-based Allitt Estate Agents, says the figures have improved on the Fylde coast.

He said: “It’s the best it’s been in six years.

“Anything around the £100,000 mark is selling and we are now short of properties on the Fylde coast.

“It’s also easier to get a mortgage and a feel good factor has come back to us, which shows the positives.”

Despite the brighter outlook for first time buyers, Mr Allitt has warned next year could include a house price spike.

He added: “We will see a rise in house prices next year as new stock comes on to the market and the Government’s scheme for first time buyers begins, but it is a very good time for us and we are very excited.”

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