The average first-time buyer raised 3.21 times their income to get a mortgage in June - the highest figure on record - according to new data from the Council of Mortgage Lenders (CML).
The CML figures show the amount first-time buyers pay from their income rose from 3.2 times the average income in May, and 3.06 times in the same month last year. Despite the rise, the number of first-time buyers taking out new loans went up by 14% - from 34,800 in May to 39,500 in June. The CML says this is the highest number of first-time buyers since December 2002 when 44,000 loans were taken out. And as a percentage, first-time buyers accounted for 36% of all new loans - unchanged since April, but down by 2% on June 2005. Meanwhile, the CML survey also reveals sharp rise of 24% in ...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
