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News - 13 August 2013

First-time home buying at six year high.

According to recently released figures from the Council of Mortgage Lenders (CML), 68,200 purchases were made by new homeowners in the second quarter of 2013, its highest quarterly total since 2007.

Tonmoy Kumar, Manager of the Accounts Department of ABDS comments:
“This increase, along with growth in lending to home movers, has resulted in a jump in total house purchase lending. The amount borrowed by first time buyers has also increased from an average of £112,500 in May to £117,000 in June.”

As a result there has been a stronger growth in the value of loans advanced to first-time buyers which totalled £3.5bn - an increase of  9% in value compared to May and 40% on June last year.

First-time buyers accounted for 46% of all house purchase loans in June, which was up from 44% in May.

The average rate since 2007 of first-time buyers in the property market previously sat at 38%.

If you need any help and advice for your business on the implications of central and local Government Funding initiatives and the construction industry, contact Lavinia Newman, Stuart Coleman or Tonmoy Kumar to discuss how ABDS can help

ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900  E-mail: abds@netaccountants.net

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