The number of first time buyers in the UK has remained
flat despite mortgages becoming more affordable than ever, research has found.
Record mortgage affordability is keeping the housing market afloat, but current
housing policy needs to be revised to meet home ownership targets according to
a new report by the Intermediary Mortgage Lenders Association (IMLA). It
forecasts a continuing recovery in mortgage lending during 2016 and 2017, with
a particular pickup in lending for house purchases by owner occupiers from an
estimated £142 billion in 2015 to £155 billion in 2016 and £169 billion in
2017. However, reviewing 2015 activity, the report finds that even though
mortgage affordability has hit its highest level ever, with buyers spending a
record low 8.6% of their income on interest by the third quarter of 2015 and
even first time buyers spending only 9.7% by November. Read more on the
Property Wire website.
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