House sales surge

By Leah Simpson
Posted: 2009/05/07

A FLOOD of first-time buyers is expected to rejuvenate the property market this summer.

Record low interest rates and plunging prices have finally made an impact on younger buyers and 69 per cent are preparing to step on to the first rung of the housing ladder in the next few months, research shows.

Miles Shipside, commercial director at property portal Rightmove, which commissioned the research, said: "It's a clear sign that the mood is swinging from negative to positive."

Yesterday the Woolwich cut more than half of its loan rates and relaunched four deals for borrowers with a 20 per cent deposit. All its best rates are now available to buyers with a 30 per cent deposit.