First Time Buyers Drop
First-time buyer numbers fell by almost 20 per cent in a year, according to new figures. The fall in numbers is a year-on-year comparison to October 2009.
In October, 29400 loans were given, a 3 per cent drop from September and 14 per cent down on October 2009. The total was 16 per cent lower than than the October 2009 figure, though these were artificially high due to the stamp duty holiday.
Director General, Michael Coogan of CML said, 'With 2009 lending levels artificially inflated by the end of the stamp duty holiday, we expected to see a decline in lending year-on-year, so today’s figures are not surprising.
'Consumer confidence has also been affected by October's spending review, despite the relative affordability of monthly mortgage payments, and so a stable but small lending market will continue for some time to come.'
Tags: landlords advice first time buyers drop
Added By: gbressington on 10th Dec 2010 at 12:41
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