Cheaper mortgages and rise in first-time buyers ‘great news for property market’
A number of factors - including cheaper mortgages, a rise in first-time buyers and more choice - have combined to create a positive outlook for the property market. The Bank of England’s recent decision to lower the base rate to 0.25 per cent has encouraged eight of the UK’s ten largest mortgage lenders to lower their standard variable rates, while figures from the Council of Mortgage Lenders show 68,200 loans were taken out by first-time buyers in June, an increase of 26 per cent on May and eight per cent on June 2015.