Number of first time buyers increasing

10-Aug-2006

Almost 40,000 first time buyers took out a mortgage in June, compared to 34,800 in May, according to the latest data from the Council of Mortgage Lenders (CML).

The figures show that first time buyers remain undeterred by rising house prices, despite borrowing a record 3.21 times their income to finance their first mortgage.

Christopher Dean, spokesperson for the CML, said: "We are actually seeing a record number of first time buyers on the property ladder since December 2002.

"Showing [that] young people are finding a way to get onto the property ladder whether that's by clubbing together with friends, through the help of their family and even their grandparents."

Further research from the CML showed that fixed-rate mortgage products remain popular with all type of buyers, accounting for 68 per cent of new home loans.

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