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First-time buyers 'want cash for Christmas'

Money for a deposit would be the most popular property-related present for new homebuyers this Christmas, new research has found.

A study by HotProperty.co.uk found that 62 per cent of the UK's first-time buyers would like cash to put towards a house purchase in their Christmas stocking, while 25 per cent would favour a major interest rate cut.

In addition, 13 per cent said that a reduction in stamp duty charges would be the perfect Christmas gift when planning to buy a home, the property portal discovered.

"One of the main barriers for first-time buyers is affordability, in terms of being able to have the cash for a deposit," said Shawn Luetchens, managing director of HotProperty.co.uk.

"Although we in the industry often talk about interest rates and government regulations as major barriers, it is obvious that first-time buyers out there just want the cash in hand," he added.

Mortgage Express recently stated that fixed-rate home loans are most popular with first-time buyers because of the "peace of mind" which they provide. A personal loan can be useful for new buyers on a budget.

See how much you could borrow with a home loan from Lombard Direct.

© Adfero Ltd

13/12/2007 16:37:49

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