Monday, 12 December 2011

Mortgage Market deserted by first-time buyers....

With further signs of the housing Market slowing down to a snail's pace in October this year, first-time buyers began to desert the mortgage market, in spite of the fact that mortgage rates hadnt actually been that low for nearly 8 years!! According to figures released by the Council of Mortgage Lenders, the total number of loan approvals for house purchases were worth £6.5bn in October and reached 44,500, although this was down 8% on the previous month and 5% on October 2010. However the number of first-time buyer loans with an average deposit of 20%, fell to just 16,400(by 10%) although the Council of Mortgage Lenders said this was only down by 1% on October 2010. The total value of first-time buyer loans also fell in October 2011, by 9% to £2bn. Need conveyancing? Visit us to compare conveyancing deals TODAY!!

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