Decline In Home Buyers In The Capital In 2016

Home buyers in London declined 3% in the fourth quarter of 2016, according to the Council of Mortgage Lenders (CML). According to its latest figures, in the fourth quarter, home buyers in the capital borrowed £5.9bn for house purchase, down 5% quarter-on-quarter and 13% year-on-year. They took out 18,500 loans, down 3% compared to the previous quarter and 15% on the fourth quarter 2015. Furthermore, first-time buyers borrowed £3bn, down 3% on the third quarter and 4% on the fourth quarter last year. This equated to 11,000 loans, down 2% quarter-on-quarter and 7% year-on-year. Read more on Housing Excellence.