First-time buyer activity is set to remain subdued, despite the plethora of new mortgage deals on the market.
According to Mouseprice, it could be two years before first-time buyers get on the property ladder with the same regularity as before the recession.
Director Selwyn Lim explained that the inability of many people to access high loan-to-value mortgages means it remains difficult for Brits to get their hands on their first property.
“Until that changes, we are not going to see the level of first-time buyer activity return to what it was. It will take a while. I think we are at least a couple of years away from that,” he said.
However, Recent figures from Halifax paint a rosier picture. The data shows that the proportion of towns and cities across the UK in which it is deemed ‘affordable’ to purchase for first-time buyers has risen to its highest level in eight years.