First-timers feel the squeeze
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.