First-time buyers still struggling to obtain finance
The case for extending your current home rather than moving to a larger one has been strengthened by the latest Council of Mortgage Lenders figures.
According to the stats, gross mortgage lending was down to an estimated £11.4 billion in August from £13.3 billion in July.
This is a significant fall and is also six per cent lower than the £12.1 billion recorded in August 2009.
FirstRungNow.com noted that it is still too tough for first-time buyers to get onto the property ladder - something that could encourage existing homeowners to extend their houses with conservatories or kitchen extensions.
Managing director Helen Adams explained that, despite the tough market, youngsters are still really keen to buy a home.
"A lot of the time it is very difficult to find a lender who will lend to them," she said.
"The main problems are that they have to have a very large deposit and also the reluctance of lenders to lend."
Posted by Paul Steel
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