First time buyer numbers are picking up

February 13, 2012

CIA Let Property Blog

By the end of 2011 the number of mortgages for first-time buyers that were agreed rose according to the CML (the council of mortgage lenders).

The BBC has reported that there were 18,700 home loans for first-time buyers in December, making a 7% rise from November and 14% up on December 2012*

CML have released the percentages of mortgages for home buyers, in 2011 these fell by 6% to 509,500 of agreed mortgages. They also said that first time buyers may be making the most of the 1% stamp duty holiday.

"With the eurozone problems still rumbling on, however, we believe there is still a real risk that this year's lending levels will be lower than those seen in 2011."

“We have been expecting a flow of first-time buyers on to the market, as the stamp duty exemption ends in March, and December’s figures appear to show this has now begun,” said Paul Smee, the CML’s director general.

“With the eurozone problems still rumbling on, however, we believe there is still a real risk that this year’s lending levels will be lower than those seen in 2011.”*

*Quotes from BBC

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