Value of properties considered by first-time buyers falls

The value of properties being considered for purchase by first-time buyers fell last month, according to new research.

Figures from AWD Moneyextra found that the average value of home was £170,559, which was down by 5.75 per cent on statistics for March and 4.78 per cent lower than a year ago.

It was also revealed that the amount of money that the average loan-to-value ratio for first-time buyers as increased to nearly 83 per cent, making the amount they want to borrow £141,369.

The amount of first-time buyer mortgages with dual income applications also rose.

Moneyextra''s senior editor Robin Amlot said: "While it may be getting tougher to get a mortgage now, it would appear that those first-time buyers who are in a position to buy are driving much harder bargains with sellers."

The expert added that the current climate is "very definitely a buyers'' market".

Earlier this year, research by AWD Moneyextra found that the average price of a property rose by 1.41 per cent year-on-year in January.

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