First-time buyers still struggling for mortgages
Brits trying to decide whether to move or improve may be interested in the latest statistics from the Council of Mortgage Lenders (CML).
The figures show that first-time buyers now make up the lowest proportion of home loan approvals since September 2007.
Just 35 per cent of house purchase mortgages during June have been for those looking to get on the property ladder for the first time.
This is down from 39 per cent in March and 28 per cent in April, with first-time buyers still finding it difficult to get a mortgage unless they have a large deposit.
A total of 40,000 loans were given out during April, down from 45,000 in March. However, the figure still represented a year-on-year rise of 5,000.
CML director-general Michael Coogan explained that Easter time traditionally sees lending levels drop.
"First-time buyers were particularly affected, perhaps because of the alteration to stamp duty, and in anticipation of the changes arising from the economic and political uncertainty of recent months," he said.
Meanwhile, the Building Societies Association recently revealed that consumer confidence in the housing market recovery remains low.
Posted by Paul Steel
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