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Are first time buyers returning to the UK property market?

While yesterday's figures from the Council of Mortgage Lenders (CML) appeared to show an increase in approved mortgages from March there was little indication of a significant increase in first-time buyer activity. However, today we have seen more details revealed with confirmation that first-time buyers in March 2009 accounted for over 40% of mortgage approvals which is the highest proportion since April 2005. So are first-time buyers returning to the UK property market?

One the face of it there appears to be evidence that first-time buyers are returning to the market but it is worthwhile remembering that like-for-like mortgage approvals are down more than 20% over the last 12 months. As a consequence, the increase in first buyer activity in March was on substantially lower business levels although it is an interesting indication of the state of the market.

As we covered on one of our post yesterday, many first-time buyers are expected to be able to fund a deposit of 25% or more before they can even begin to discuss a mortgage for a UK property. Even though we have seen a jump in first-time buyer interest in March there are concerns that the level of business will remain relatively low until deposit figures begin to fall, which may be a disappointment for some.

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