More first time buyers securing mortgages in 2012


An increasing number of first-time buyers (FTBs) are securing mortgages and being successful in their attempts to enter the housing market in 2012, new figures have suggested.
Produced by the Council of Mortgage Lenders (CML), the findings showed FTB activity escalated in January of this year when compared with that recorded for the same four-week period 12 months earlier.
The statistics revealed the number and value of these house-hunters was 23 per cent greater for the first month of the year in 2012 than it was during the corresponding spell in 2011.
Despite this, recent mortgage activity among FTBs compared to that reported toward the end of last year dipped, falling 30 per cent between December and January.
Paul Smee, director general of the CML, a not-for-profit organisation, said: “We traditionally see a substantial fall in lending figures at the start of the year, reflecting the lack of enthusiasm by buyers to move house during the post-Christmas months.”
Mr Smee noted this year has proven no different, but observed the year-on-year rises suggest lending levels – albeit via a bumpy trajectory – are on the up in general.

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