First-timers feel the squeeze

Yorkshire Post - Property - - PROPERTY -

MORT­GAGE ap­provals for house pur­chase rose 6.7 per cent in June, as len­ders rushed to meet their half-year tar­gets, but first­time buy­ers suf­fered, as len­ders favoured wealth­ier buy­ers.

E-surv, the sur­vey­ing and val­u­a­tions busi­ness, said that lend­ing cri­te­ria re­main tight at the bot­tom of the mar­ket, and June was the worst month this year for first-time buy­ers, with low lev­els of ap­provals on the cheap­est prop­er­ties.

Ap­provals for homes un­der £125,000 ac­counted for 22 per cent of to­tal ap­provals in June, down from 23 per cent in May, and the low­est level since Novem­ber 2010.

Ap­provals over­all rose fastest in Lon­don,with a 12.3 per cent in­crease.

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