Residential conveyancing news: Conditions to improve for first-time buyers

Posted 11/03/2011

Residential conveyancing activity across the UK is likely to become more frequent towards the end of 2011 thanks to increased confidence among lenders.

This is the view of Metropolitan Home Ownership (MHO), which has suggested that as long as interest rates remain low, the property industry should witness resurgence.

Currently, first-time buyers are said to be looking at more affordable ways of getting a foot on the property ladder.

MHO head of marketing Jim Munson indicated that the organisation had seen a surge in first-time buyers looking at shared-ownership options, particularly in London.

However, he reiterated that improved lender confidence, coupled with falling house prices, show that buying conditions could improve lending into 2012.

Despite this, Mr Munson warned that it is still too early to make any bold predictions, as economic concerns and various regional issues could continue to hamper the market.

A recent survey by ComRes on behalf of Genworth Financial discovered that 83 per cent of MPs felt that more action should be taken to help first-time buyers.