/24-7PressRelease/ - LONDON, UK, June 24, 2006 - On an average, one in six people under thirty years of age are preparing themselves to acquire new properties this year, a new research reveals. According to the bank sources, personal loans balance have decreased for the first time in seven years and capability to afford mortgage is at its best since the second quarter of 2004.
Figures revealed by Alliance & Leicester's latest Borrowing Monitor that first time buyers are all set to make a comeback. A new research revealed that one in six people under thirty years of age are making plans to buy properties this year .According to the bank, personal loan balances have been decreased for the first time in seven years while capacity to afford mortgage is at its peak since the second quarter of 2004.
The Borrowing Monitor indicates that fifteen percent of the households who constitute more than double the figure in January are making plans to move house, purchase property for the first time or choose a remortgage before next winter. Alliance & Leicester stated that it was not likely that everyone would act on these plans; the figure guaranteed large scale activities in the property market. The bank further advised that people were more willing to borrow more mortgage loans than the last year.
Chris Rhodes, managing director of Alliance & Leicester retail banking said that they were witnessing great confidence in the mortgage market from consumers. He further said that it was gratifying to see great confidence amongst people under 30's .Improved first time buyer activities would encourage others to take the plunge.
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