Market Driven By first Time Buyers

Market Driven By first Time Buyers.

The Council of Mortgage Lenders (CML) has said that over the past year, the housing market has been driven by first time buyers. The number of first time buyers who were successful in getting their home loan rose 23% in 2013 compared with 2012.

First time buyers on average still needed a 20% deposit.

The number of home loans being approved for first time buyers reached a peak of 268,800, this meant that first time buyers accounted for 44% of mortgages approved in 2013.

This news comes following reports that show around 4m first time buyers feel they will never own their own home and have turned to renting.

The CML said that some of the housing market was assisted by the introduction of new government backed schemes such as help to buy.