FTB house purchase market share to make renting flats in London more popular?
Young househunters may be encouraged to look for property to rent in London after new figures from the Council of Mortgage Lenders (CML) showed that the share of new purchases made by first-time buyers was smaller than at any time since 2007.
The data released yesterday (June 15th) revealed that new househunters accounted for just 35 per cent of the market in April, down four per cent on March and three per cent on the same period of 2009.
In the UK, there were 40,000 home loans for advanced purchase worth £5.7 billion, a drop of £600 million for the month before.
The council's director-general Michael Coogan noted that although the outlook is "modestly positive" there are significant concerns such as the fate of public sector employment resulting from widely forecast spending cuts set to be announced in next Wednesday's emergency budget.
He suggested that higher taxation may eat into disposable income, which could also affect the state of the mortgage market.
Last week, Newcastle Building Society's Steven Marks stated that home loans had become nine times higher than the average salary.
By Martyn Glynn
Published 16th June, 2010
© 2010 Estates IT Limited
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It may be that more people are encouraged to find property to rent in the London borough of Islington or elsewhere in the country after new figures from the CML showed fewer first-time buyers are buying homes.