Steven Lees, Director at SmartNewHomes, comments on the latest first time buyer lending figures from the CML today

“A raft of new competitive mortgage deals this year has meant that a fifth more first time buyers were able to get on the property ladder in October, compared to the same time last year. This still represents just 20,000 buyers over the month which is less than half of the number at the peak of the market.

“The biggest hurdle for first time buyers is having to find an average deposit of 20%, while also having to contend with spiralling rental prices and living costs. This is where innovative shared equity schemes such as NewBuy and FirstBuy come into their own and we hope the Government continues to support these schemes next year so that tens of thousands of first time buyers have an affordable route to home ownership.”

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