First-time buyer market share falls

Last month saw the impact of the credit crunch continue to take effect on the UK mortgage market, with buyers coming under increasing pressure in the current economic climate.

That is according to the latest report from the National Association of Estate Agents (NAEA), which revealed that the market share of first-time buyers fell to 8.3 per cent in March, down from 11.7 per cent in the previous month.

Stewart Lilly, president of the NAEA, observed that movement in the market was "undoubtedly" being affected by the credit crunch and subsequent tightening in mortgage lending.

He commented: "There are indications that first-time buyers have dropped their market share once again showing a "wait and see" attitude has been adopted.

"Over the next few months it is imperative that the shackles are released on the mortgage market so consumer confidence can be rebuilt, allowing the market to stabilise."

The number of mortgages available has decreased by 60 per cent over the last year, according to recent research from Moneyfacts.co.uk.

Mortgages News posted on 24/04/2008 10:50:18