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.
Share this..
Related stories
Have you got wedding insurance for your big day?
While there has been a significant reduction in the number of weddings in the UK over the last decade the cost of the "big day" continues to rise each and every year. With the average wedding now costing a figure approaching £20,000 many people should be looking towards wedding day insurance to cover any potential problems on the big day and in the run-up to the big day.
Whether yo...
Goldman Sachs bows to public pressure
Wall Street banking giant Goldman Sachs has today bowed to public pressure and announced a reduction in the forecast $16.2 billion bonus pot for 2009. While the 32,500 staff employed by the company will still share a bonus pot of $13.3 billion, with an average annual income of just under $500,000 for each employee, the pot has been reduced from the initial forecast of $16.2 billion. It seems as th...
Read MoreBanks to appeal overdraft charges decision
Banks are today expected to formally challenge the recent High Court ruling which cleared the way for the Office of Fair Trading (OFT) to investigate overdraft charges. The High Court has ruled that the OFT can scrutinise the charges levied by bank accounts providers when their customers go overdrawn or when their cheques bounce. However, at a case management meeting between the two parties today,...
Read MoreBank of England forced to increase quantitative easing program
Today's announcement by the Bank of England that a further £50 billion would be pumped into the UK quantitative easing program is one which was very much out of the banks control. With UK lending at rock bottom, consumers struggling to pay off their debts and UK businesses going to the wall on a weekly basis, the situation is now critical. There had been hopes that the quantitative easing program...
Read MoreIs David Cameron ready for office?
As the political polls continue to give the Conservative party a significant lead over Labour, attention is now turning towards David Cameron with many asking the question as to whether he is ready for office. Only a few months ago when the Conservative party started to break down the Labour lead there was no mention of David Cameron's background or his experience but now the Conservatives have pu...
Read More