House prices fell 1.3% in comparison to the previous month.

The Halifax said that there was some uncertainty among house buyers and owners, despite continued low interest rates making homes comparatively affordable.

With Lenders like the Halifax and Newcastle offering reduce upfront cost to attract first time buyers this can only mean there is clearly an appetite for first time buyers.

First time buyers are the life blood of a housing market. Millions of buyers are wainting for lenders to ease the lending criteria and bring out competitive interest rates. Only then will we see a return of first time buyers to the market.

If you want to know more about first time buyer schemes, then contact Click n go Mortgages here.

The Bank of England has reported a rise in mortgage approvals.

The official figures suggest that mortgage approvals increased to the highest level in four months in April.

April saw the UK Banks granting 49,871 mortgages, an increase on the 49,008 approved in March. The figures beat the predictions of economists and are the highest since December of 2009.

Low interest rates are being sighted as the reason for people being able to get onto the property ladder. However, the number of mortgages being approved is still around the 50% mark of the October 2007 boom. November last year saw figures reach 59,531, so it is evident that we still have some way to go.

Although more mortgage products are coming onto the market, it is still a struggle for most still coming out of the recession.

Lloyds Banking Group have reported that twice as many people made overpayments to their variable mortgages in 2009 than in 2008.

According to the figures, 14% of Lloyds Banking Group customers paid more than the minimum amount towards their mortgage in 2009.

Lloyds Banking Group have said that due to historically low interest rates, they have seen a large rise in mortgage overpayments. Those who have a variable rate mortgage have greatly benefited from the low interest rates and have subsequently opted to overpay – decreasing their mortgage.

Individuals with a £100,000 mortgage have seen monthly repayments drop by around £275 as the base rate fell from 5% to the record low of 0.5%. Working on this basis, an overpayment of just £50 on a 3.5% interest rate could work out as a saving of £7,500. Another way of looking at this is that by making this small overpayment you could reduce your 100,000 mortgage term by three and a half years.

With the Bank of England holding the base rate so low, borrowers are seeing the opportunity to cash in, reducing their overall loan and making significant savings in the long term.

According to a recent study into mortgage lending during the first quarter of 2010, mortgage brokers accounted for 62% of all property loans.

First time buyers seem to the biggest group looking to mortgage brokers for advice on the right product for them, with 71% of first time buyer loans coming from intermediaries.

Mortgage brokers have been very important to homemovers and remortgagers, bringing 57% of all homeowner loans to the market and 64% of remortgages by value.

Many mortgage brokers lost out during 2009 when lenders sought to offer product strictly through branches, but the recent statistics show that brokers are a vital and value channel for all. This is not just the case for borrowers who want to know what the whole market has to offer but is also key to lenders, offering them an effective route to market.

The study shows that people want advice and someone who can give them a good over view of the market and explain what will really suit their needs. The mortgage market is a frightening place for many, especially for first time buyers, so it is not completely unsurprising that they are looking to experts for help.

The UK’s largest building society Nationwide, says that it believes that the UK property market will remain pretty stable over the forthcoming 6 to 12 months.

According to Nationwide, the pressure on property prices is decreasing as new properties enter the market.  They also predict that the UK base rate will not increase during the rest of 2010.  If this is the case, then interest rates should remain at a steady 0.5%.  In turn this should increase liquidity in the mortgage market and help to get the property market flowing.

With the UK property market finally picking up, is it only about to get another kick in the teeth?  The debt problems facing Europe could have a major impact on the UK economy and the longer that the issues persist, the more likely this is to happen, so perhaps we aren’t out of the woods yet.

With new mortgage products coming onto the market all of the time, it is worth investigating what your options are now.