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News - 13 February 2014

First time buyers are driving the mortgage market

According to the Council of Mortgage Lenders (CML), first-time buyers have been "driving the mortgage market forward" in the past year with the number of loans made to first-time buyers up by 23% in 2013 compared with 2012.

Stuart Coleman, Manager of the Tax Department of ABDS comments:
“On average, these borrowers still needed to find a 20% deposit, but they still represented about 44% of all home loans advanced for house purchases in 2013, which was the highest proportion since the year 2000.”

However, the total amount of money borrowed by homeowners last year was still less than half of that seen at the peak of the housing boom in 2007.

Paul Smee, director general of the CML said:
"Good housing market recoveries start because first-time buyers re-enter the market."

However, Mr Smee said that the overall sector was made up of a series of local, or regional, markets, and there was little sign of a housing bubble outside of the south east of England.

The CML said that the introduction of government-backed schemes such as Help to Buy had helped to drive the market, with the number of mortgages advanced for house purchases was up 11% in 2013 compared with the previous year.

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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