CML clarifies definition of 'first time buyer'

13-Oct-2006

The Council of Mortgage Lenders (CML) has made a statement to clarify its definition of a first time buyer.

Following the publication of a recent statement, outlining the increasingly large number of first time buyers paying stamp duty, the CML has confirmed that its definition of a first time buyer actually includes sub-groups, such as returning buyers.

According to the CML, it is not possible to accurately identify individuals within first time buyer sub-groups.

"We have always been open about the fact that … we are unable to identify … from the first time buyer numbers, those buyers who have previously been owner-occupiers but were in another tenure immediately before their current purchase," said the CML.

Indeed, in two previous press releases, the CML has confirmed that around 20 per cent of first time buyers are in fact returnees to the market.

The CML has released a number of reports on the housing market, including data on mortgage arrears and repossessions.

First time buyers dismayed by another increase in property prices should seek out those companies setting up to help them
find bargains.

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