According to financial comparison website Which4U, Principality ? a building society based in Wales ? said that its research has shown that Britons are getting more and more anxious to get on to the housing ladder.
The 150-year-old building society has revealed that over the course of February 2010, mortgage lending was shown to be at a total of ?143 million. The number of borrowers who took out home credit products in the first quarter of 2010 was 187 per cent higher than the same period in 2009.
With the cost of borrowing having fallen, Principality has said that this has made first-time buyers spring into action in an effort to get on to the property ladder. The society?s data showed that 21 per cent of applications for mortgages received since the start of this year were from first-time buyers.
Graeme Yorston, the chief operating officer for the building society, said: ?These figures are a good sign of the gently recovering confidence in the housing market. The average mortgage rate has been steadily decreasing since the middle of last year and this, coupled with more affordable house prices has encouraged a healthy mix of buyers?.
Mr Yorston also said that buying a home is more appealing than renting a property but admitted that potential borrowers would be best served in looking out for best buy mortgage deals, with lending criteria still being tight this year. Last week saw Nationwide Building Society reveal that it had reduced rates across 29 fixed rate and tracker deals in an attempt to lure homebuyers and those looking to remortgage UK property.
