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UK property market buoyed by first-time buyers

9th November 2012 | back to article listings BACK    print this article PRINT

Despite ongoing economic difficulties and a tightening of the UK mortgage sector, one million households have become first-time buyers since the financial crisis began.

First-time buyers have accounted for approximately one in every ten borrowers in the UK mortgages market after that point. The head of the Council of Mortgage Lenders (CML) has highlighted the fact that new buyers are being able to find a way in to the property market despite ongoing lending restrictions.

Martijn Van der Heijden, chairman of the CML, said: "We know - pretty much - that the UK housing psyche, while a bit bruised, still holds home-ownership extremely dear. At the same time, people know that it is more difficult to achieve than it used to be, and that renting is likely to be a tenure in which most new households will spend at least some time."

He added that although some lenders have increased the interest rates on their variable rate mortgages, on average borrowers are still paying less interest than they were a year ago. He admitted that lenders still had "further work to do" to restore trust with borrowers however.

According to Mr Van der Heijden, lenders should be looking to innovate as well as providing their clients with high quality advice. It would also help if lenders chose to simplify their range of mortgage products, he said.

Copyright Press Association 2012

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