First time buyer mortgages climb by 45 per cent

Press Release : December 02, 2009
Default Post Image

Even as overall mortgage lending levelled off, the number of first-time buyers taking advantage of low house prices and a higher stamp duty threshold increased significantly.

One third of first-time buyers paid no stamp duty during September, according to the Council of Mortgage Lenders . The Government increased stamp duty threshold to 175,000 pounds to ease the pressure on first-time buyers looking for mortgage loans . Falling house prices in the last 18 months have brought some properties under this threshold and within reach of first-time buyers.

CML economist Paul Samter reportedly commented: "The stamp duty concession has played a modest role in underpinning confidence in the housing market . As the end date for the stamp duty concession approaches we may see sustained levels of activity at the lower end of the market in a traditionally quiet time. But the corollary will be lower activity in early 2010 as transactions are ‘bunched’ in 2009. Although the recent bounce-back in house purchase activity is holding up we remain some way below what might be called ‘normal’ levels of transactions."

If you require further advice please visit

Notes to editors

For more information please contact:
Tel: email: Visit the newsroom of: PR Fire