FTBs with big deposits ‘in a great position’

First-time buyers (FTBs) who have managed to save up a big deposit or are able to call on their parents to make a significant contribution are in an excellent position at the moment, according to one expert.

Paul Broadhead, the Building Societies Association’s head of mortgage policy, stated that while there are no longer as many deals available for FTBs as there were before the economic downturn, the way the market is at the moment means conditions are favourable for the minority that do have enough money in place.

“The mortgage rates are historically low, property values are lower than they have been for a number of years; it’s a great time for them to get [on the property ladder],” he remarked.

His comments followed Halifax’s announcement in May that housing had reached its most affordable level for more than six years.

Scotland and Yorkshire and the Humberside were classified as the two most affordable regions.

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