Buyers held at bay by poor finance

It seems that a number of first-time buyers are being put off pursuing the property of their dreams due to a lack of available finance.

With little potential for selling, some homeowners may look to improve with a conservatory or a garden studio to help boost the appeal of the property when it does come time to sell and increase its living standards on the whole.

Recent National Association of Estate Agents (NAEA) figures show that there could be a jump in house sales if only first-time buyers had access to finance.

"NAEA figures show that there is a huge demand for property from first-time buyers, who are increasingly visiting estate agents, registering their interest and searching for property," said chief executive Peter Bolton-King.

"These figures demonstrate that they are being frustrated at the final hurdle because lenders are not making mortgages available."

Those who do opt to stay and improve may reap the benefits when the market does turn around, but the Council of Mortgage Lenders (CML) recently released figures showing year-on-year mortgages were approved.

The CML is the trade association for the mortgage lending industry, which aims to create a favourable operating environment in the UK housing and mortgage markets.