19th December 2012

First Time Buyer Report from the Council of Mortgage Lenders

I was Interested to read a report from the Council of Mortgage Lenders (CML) advising that the number of loans to first time buyers in October was up by 19% compared to October last year and up 14.3% on September’s figures which is a very positive sign. The CML report that the average loan-to-value (LTV) for first time buyers is 80% – this figure has remained the same for approximately two years.  The most interesting stat in the CML report was that for the second consecutive month, loans to first time buyers accounted for 40% of all house purchases.  I am not seeing those activity levels here yet but this is slightly weighted figure as it is a UK wide.

As I have written in many blogs you need 40% of purchasers to be first time buyers to have a healthy property market.  This results in new capital being introduced to the property market and will be geared up by purchasers in the chain.  This also replenishes capital that is removed by people coming out of the market at the other end of the chain.

More trends to follow!

Lindsay Darroch
Partner – Head of Property  



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