Increase in Number of First Time Buyers

As readers of previous blogs know, the figure that I continue to monitor is the number of first time buyers coming onto the market.  I was interested to see new CML data, released yesterday on the profile of UK lending in December 2013 which shows the number of first time buyers increasing by 37%.  CML data also indicates that for the whole of 2013 lending to first time buyers was up by over 23% compared to 2012.  As previously indicated, first time buyers are an important factor in stabilising and driving forward the property market and I have always stated that the number of first time buyer purchasers in a normal flowing market should be in excess of 40%.  According to the CML figures 45% of all purchasers in December were first time buyers.  During the course of 2014 I believe we will see a conflict between the need to continue the support for first time buyers to improve economic conditions and talk of a possible property price bubble. It was a positive end to 2013 and I will keep you up to date with 2014 trends.

Lindsay Darroch
Partner – Head of Property

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