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First-time buyers 'not taking advantage of the market'
New research has suggested that first-time buyers are not taking advantage of the opportunities emerging in the property market.
According to the survey by Halifax, such consumers regard affordability as a key reason why they are not on the property ladder, although monthly mortgage payments as a percentage of income are half the level of those seen in 2007.
It found that the proportion of a typical new homeowner's disposable earnings devoted to mortgage payments stood at 28 per cent in June 2010.
Stephen Noakes, commercial director for mortgages at Halifax, said market conditions are more positive, despite the challenges in raising deposits.
He added: "Affordability has significantly improved, meaning the amount of a typical first-time buyer's monthly pay packet that needs to be dedicated to their mortgage is now below the 25 year average and importantly, despite perceptions, eight out of ten first-time buyer mortgages are approved."
Themoneypages.com recently suggested that lenders generally see homeowners as the best consumers to approve personal loan requests for.