First-time buyer mortgage dip 'just a wobble'

22-Jul-2010

Published by Helen Adams

First-time buyer mortgage declines in the past few weeks are not suggestive of a long-term stall in the housing market, suggests a property adviser.

Stuart Law, chief executive officer of investment firm Assetz, claims evidence does not imply a slowing trend in the sector, adding recent poor statistics were "just a wobble".

First-time buyer mortgages in April and May made up the smallest proportion of approved house purchase loans at any time since 2008, but data from the Council of Mortgage Lenders (CML) shows an overall rise of 15 per cent in the number of mortgages granted in June, bringing the total to £13.1 billion.

The property specialist commented: "The CML's data is indicating that buyers continue to want to buy and we are not seeing those numbers falling away."

Joint mortgages may benefit individuals who have not owned their own residence before and find it difficult to secure credit.

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