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First-time buyers 'have low share of mortgage market'
New research has suggested that first-time buyers in the UK now account for the lowest share of the mortgage market since September 2007.
The figures from the Council of Mortgage Lenders (CML) revealed that such buyers accounted for 35 per cent of house purchase loans during April, which was down from the figure of 39 per cent recorded in March.
It was also found that, overall, 40,000 loans with a total value of £5.7 billion were advanced for house purchase in April.
Michael Coogan, director general of the CML, suggested that alterations to stamp duty and the recent political uncertainty may have affected confidence among first-time buyers.
He added: "Easter traditionally causes a dampening of lending levels and this year was no exception."
The release of the figures has come after the CML confirmed that house purchase lending in Scotland fell by a third in the first three months of 2010.