Peter Rollings commenting in response to the latest figures from the CML
Sun 15 Apr 2012
"The flurry of first-time buyers trying to secure mortgages in time to beat the stamp duty deadline is still filtering through the most recent lending figures, creating a trend of growth in lending to those who need finance the most. Whether or not this will continue in coming months following the increased cost of moving remains to be seen, but there have been underlying improvements in the market that should not be overshadowed by the stamp duty driven demand. Encouragingly, despite the ongoing fears of the eurozone crisis, lenders increased average income multiples to first time buyers in February effectively boosting the amount of money the average buyer can access relative to their salary. If this continues, it will go some way towards supporting the lower tier of the market and compensating for the ill advised removal of the stamp duty exemption in March."