Number of FTBs 'decreasing'

11-Sep-2008

The number of first-time buyers (FTBs) entering the housing market has fallen, according to new figures.

Statistics were first collected by the Council of Mortgage Lenders (CML) in January 2002, with the recent recession leading to some of the lowest results recorded, with only 17,300 people putting their foot on the housing ladder in July this year.

Now, an average FTB would have to put down a deposit of 15 per cent, up from 13 per cent on the same time in 2007.

Michael Coogan, CML director general, comments: "Tighter lending criteria have clearly made it more difficult for FTBs to enter the market."

In July, the statistics show that 47,400 house purchase loans were taken out, totalling around £7.1 billion.

Rate tracker mortgages are said by the CML to have increased in popularity as consumers anticipate a change in interest rates.

According to Halifax's House Price Index from last month, house prices fell by 1.8 per cent in August, a rate similar to the two previous months.

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