First-time buyers are returning to the property market due to a drop in property prices, according to research by online credit information provider Equifax.
A survey of Equifax customers in October found 70% of the first-time buyers who responded felt more confident about stepping onto the property ladder. The introduction of a number of new products for the first-time buyer segment is likely to have had an effect, says Equifax, with 75% saying the lack of mortgage products meant they had to put their plans on hold in the last year. However, the availability of a reasonable deposit still appeared to be a challenge for a number of first-time buyers, with only 12% having a deposit of more than 20% of the property value and over a quarter (2...
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