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FTB numbers continue freefall
3 March 2007
The British Banking Association (BBA) has revealed that the number of first-time buyers (FTBs) in the market has continued to decline.
In its report, the BBA reported that gross mortgage lending reached £16.6 billion in January, up from £14.5 last year. Despite a fall in the number of FTBs in the market, the BBA indicated that overall lending increased by 16 per cent, compared with January 2006 figures.
David Dooks, director of statistics at the BBA, said: “January saw a continued stable demand for mortgages. Actual borrowing on mortgages remains strong compared with this time last year, so the impact of higher interest rates has yet to feature.”
Mark Maguire, head of external communications at GE Money Home Lending, said:
“The drop in FTBs is not surprising given the increase in house prices and interest rates. With average house prices now at £200,000, younger people have to save harder for a deposit and increasingly need to borrow higher amounts. Therefore, lenders must help ensure people only borrow what they can afford to, following strict guidelines and criteria.
“The early indications for 2007 are good news, with the prospect for growth high.”