There were almost 10,000 fewer approved house purchases in January compared with the previous month, statistics from the Council of Mortgage Lenders (CML) show.
Just 23,400 loans were approved for house purchase in January, down from 32,400 in December and 48,600 in January 2008. According to the trade body, the decline in house purchase lending was spread evenly between first-time buyers and home movers, with 14,500 loans to home movers - down from 20,200 in December and 30,600 in January 2008 - and 8,900 loans to first-time buyers - down from 12,200 in December and 18,000 in January 2008. The typical first-time buyer deposit in January was 24%, the largest amount on record. Michael Coogan, director general of the CML, points out January and...
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