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Conditions remain challenging for first-time buyer
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June 30,2010
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First-time buyers made up the lowest proportion of house purchase loans since September 2007, the latest data from the CML regulated mortgage survey showed.
They accounted for 35% of all house purchase loans in April, down from 39% in March and 38% in April 2009, confirming that getting a mortgage remains difficult for those first-time buyers that do not have a substantial deposit.
Overall, there were 40,000 house purchase loans in April, worth £5.7 billion – down from 45,000 (worth £6.3 billion) in March but up from 35,000 (worth £4.5 billion) in April 2009. The Easter break contributed to an expected seasonal dip in lending.
There was an even more pronounced drop in remortgaging, which remains subdued. There were 24,000 loans for remortgaging, worth £2.9 billion, down 16% in volume and 17% in value on March, and 26% lower (on both measures) than a year ago.
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