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First-time buyers returning to the market

In yet another sign that the UK property market may be on the verge of turning, the Council of Mortgage Lenders confirmed that there was a 2% increase in the number of loans approved for house purchases between August and September, leading to 50,600 deals going through during the period. While the month on month increase may seem fairly small, this is a 43% rise on the corresponding period last year which many people believe marked the bottom of the UK property sector.

It is also interesting to see that there was a 5% increase month on month in the number of first time buyer mortgages which totalled 19,700 out of the overall figure of 50,600. The average loan to value for a first time buyer loan also fell from 84% in the corresponding period last year to 75% last month. Interestingly, this figure is higher than the 68% average for other types of mortgage arrangements in the UK, i.e. those who are already on the property ladder.

There was also good news on the remortgage front with a 10% increase month on month, something which may in due course allow many people to relieve some of the pent-up financial pressure they have been feeling for some time, and allow them to tackle their negative equity issues.

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