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August 17, 2007

Advice becoming popular for first-time buyers

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by Kay Mitchell

Advice becoming popular for first-time buyers

The Council of Mortgage Lenders (CML) has supported data released by the Royal Institution of Chartered Surveyors (Rics) highlighting that its own figures reveal a decline in first time buyer numbers.

With rising interest rates and sky-high property prices, it’s not surprising to note that broker advice is becoming extremely popular for first-time buyers. New research from Abbey shows that 28% of people aged between 25 and 34 are turning to brokers for advice on their first move, compared to 2% of those who have reached retirement age.

A spokesperson for Abbey commented that this increase shows promise for the future. Brokers are becoming an important part of first-time buyers’ decision-making process due to service and cost improvements on top of offering a broader product range.

In addition, according to Alliance & Leicester Mortgages, 51% of those buying their first home revealed that they would like to be located close to their place of work, compared to 28% who like to be closer to friends and relatives.

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