First-time buyers experience 'worst April in a decade'

21-May-2010

Published by Joshua Scott

Gross mortgage lending in April plummeted to its lowest level in ten years, emphasising the problem faced by first-time buyers.

The total handed to buyers in the form of home loans decreased to £10.2 billion in the month, down 12 per cent on March and one per cent compared with April 2009, figures by the Council for Mortgage Lenders (CML) reveal.

It was also the lowest April total on record since 2000, prior to the housing boom.

And the task of securing funding for a new home is greatest for first-time buyers without a large deposit to their name, says the CML.

Michael Coogan, director general at the organisation, has warned the new coalition government its actions will be critical.

He said: "Unless funding issues are addressed, any recovery in lending may well be curtailed as the repayment date on the support schemes gets closer."

The Conservative-Liberal Democrat authority has now been in place for ten days.

How to buy a house from finding your first property, first time buyer mortgages, mortgage advice, shared equity, shared ownership, joint ownership, part buy part rent and HomeBuy. All a first time buyer could need as well as first time buyer news at FirstRungNow.com.

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