According to recently released data from the Council of Mortgage lenders, the number of mortgage loans approved for first-time buyers fell to an all-time low. Furthermore, despite a levelling off in the decline of mortgages in July, the overall volume was down 48 per cent on figures from last year.
New first-time buyer mortgages fell by 17,300, the lowest since records started in January 2002. The majority of first-time buyers are holding off from purchasing to see what happens with house prices, whilst many simply cannot raise a deposit to buy a house .
New buyers looking for a mortgage loan could typically borrow around 3.2 times income, a slight increase on June figures. Average first-time buyers also needed an average deposit of 14 per cent during July, up 2 per cent on June figures.
The director general of the CML, Michael Coogan, was reported as saying: "Tighter lending criteria have clearly made it more difficult for first-time buyers to enter the market. The stamp duty and shared equity measures announced by the government last week will be helpful to those first-time buyers looking to enter now, but many may be waiting for house prices to stabilise."
Mortgages for first-time buyers sink to record low
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Mortgages for first-time buyers sink to record low
Thu, 11 Sep 2008
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