12 Feb

CML reports record number of first-time buyers in December

CML reports record number of first-time buyers in December

Figures released by the Council of Mortgage Lenders (CML) have revealed that house purchases by first-time buyers reached a two-year high in December.

According to the organisation, the number of loans agreed for people taking their first step on the property ladder increased by 26 per cent in the final month of 2009, compared with November.

More than half (55 per cent) of the mortgages were arranged for purchases of homes costing less than £175,000 - the higher stamp duty threshold which expired on December 31st.

Overall, the CML reported that the number of properties bought in the £125,000 to £175,000 bracket was up by 63 per cent for first-time buyers and by 49 per cent among other homeowners.

Peter Bolton-King, chief executive of the National Association of Estate Agents, said that the data demonstrates that the government should take steps to reform the tax.

"Making Britain's most unpopular tax fairer and more manageable should be a primary goal for the government both now and after the general election," he stated.ADNFCR-1222-ID-19614412-ADNFCR

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