'Some improvements' for first-time buyers

There have been some small improvements in the housing market for those house buying for the first time, an expert has said.

Matt Griffith, spokesman for PricedOut, emphasised that some more mortgage products are coming to the market, but this does not solve the problem of saving for a deposit.

"First-time buyers also face strong headwinds to their efforts to save - with low savings rates, high levels of inflation, stagnant wages and rising rents," he noted.

Mr Griffith highlighted that saving for a deposit is now harder than it has been for some time.

Moneyfacts recently reported that rates on mortgage deals requiring a ten per cent deposit have dipped below six per cent for the first time since March 2008.

Furthermore, there are 41 per cent more mortgage products requiring just a ten per cent deposit available than a there was year ago.

Published on: May 11, 2011

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