Prospective first-time home buyers in the UK are entering the property market once again in response to the government’s decision to lift the stamp duty threshold from £125,000 to £250,000.
Price comparison site moneysupermarket.com has revealed that the number of people using its mortgage comparison tool to buy their first home rose by 15 per cent in the week following the announcement by Chancellor Alistair Darling that stamp duty would be scrapped for all first time buyers purchasing properties valued under £250,000.
The website said that the rise in first-time buyer mortgage traffic has helped kick start the UK property market.
It also revealed that there has been a 17 per cent increase in the number of 90 per cent mortgage deals available since the start of the year and a 33 per cent rise in the number of 80 per cent loans .
However, its research showed that 18 per cent of consumers believe that securing a mortgage is still one of the biggest hurdles to buying a property .
Hannah-Mercedes Skenfield, mortgage channel manager at moneyspermarket, said: "There has been much debate over the past week as to what impact Darling's measures will have on the housing market, and while the jury's still out on that one, it's clear that those most affected have welcomed it if numbers to our site are anything to go by."
"Having just had one of the busiest weekends of the year for house-hunting, the first-time buyer could well be back out after months of hibernation."
She added: "The reality is that until LTVs and corresponding loan rates improve, the situation remains largely the same. Without a large deposit, you'll find yourself on a higher rate and that's if you can get a mortgage at all."
"It will be interesting to see over the long-term what impact this has."
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Stamp Duty Reduction Boosts First Time Buyer Activity Wed, 07 Apr 2010
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