The latest report released by Halifax revealed some interesting facts about first time buyers. According to the report, about 94% of first-time property buyers did not have to pay stamp duty for their property purchase between January 2010 and June 2010. This exemption was one of the major factors that allowed the first-time buyers to venture into the property market.
Another interesting statistic is that about 80% of mortgage applications submitted by first-time buyers have been approved. The report also revealed that the percentage of the monthly salary that is being paid as mortgages is now less than the 25-year average.
Halifax has, however, also admitted that the first time buyers would still have to raise the deposit that would be required for the first-time mortgage.
If the trends reported in this report are correct then there is reason to believe that the UK property market has a huge potential and good base for growth.
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