First time buyers make their move before stamp duty concession ends
There was a seven per cent rise in the number of loans advanced for first-time buyers in December, compared to the previous month....
First-time buyers are starting to make their move ahead of the end of the stamp duty concession, with seven per cent more loans being advanced in December, compared to November.
The value of these loans stood at £2.3 billion, while the average loan-to-value was 80 per cent, according to new figures from the Council of Mortgage Lenders.
Paul Smee, director general of the organisation, said: "We have been expecting a flow of first-time buyers onto the market as the stamp duty exemption ends in March; December’s figures appear to show this has now begun."
He added that last year witnessed a "welcome increase in annual gross lending", which was the first time that this had happened since 2007.
These figures were supported by recent research from Connells Survey and Valuation's latest housing market report.
It showed that the number of residential valuations was up by 43 per cent in January year-on-year, as first time buyers look to beat the stamp duty holiday cut off on March 24th.
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