Market eases for first-time buyers
First-time buyer numbers surged by a fifth in March amid signs that people are finding it easier to get on the property ladder with a small deposit, lenders reported today.
The proportion of first-time buyers taking out loans with a deposit of 10 per cent or less has increased to its highest level in four years, the Council of Mortgage Lenders (CML) said. Some 19,100 loans worth £2.4bn were advanced to people buying their first home during the month, showing a 20 per cent month-on-month increase.
A quarter of first-time buyers paid a 10 per cent or less deposit in the first quarter of 2013, the highest share since 2009 and up from a fifth in the same period last year.