First-time buyers offered boiler advice

Article date : 04/11/2009

Written by Tony Harrison

The housing market may becoming a more favourable place for UK first-time buyers, after it was revealed that the number of 85 per cent loan-to-value mortgages on the market has increased to its highest level in over a year.

The Moneyfacts research comes after the Bank of England found that there were 56,215 home loan approvals in September which was an 18-month high.

Furthermore, the Council of Mortgage Lenders reported in October that the number of new mortgage approvals decreased by five per cent in August 2009, but are still 29 per cent up compared to August 2008.

Commenting on the news, Ben Wilkie, editor at What Mortgage, said: "First-time buyers really are the drivers of the market because if there are no first-time buyers then homeowners can't move because they can't sell their house."

However, when viewing a property for the first time, buyers may wish to be boiler aware.

The Energy Saving Trust states that if a gas boiler has passed 15 years old it is likely to need replacing, which buyers may wish to negotiate with the seller.

The trust notes that replacing an old gas boiler with a new condensing boiler could see consumers reducing their heating bills by a third.

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