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Lenders' criteria deter first-time buyers
Sep 9 2008The criteria adopted by lenders is preventing first-time buyers from gaining access to the housing market, it has been claimed.
According to the Council of Mortgage Lenders (CML), the number of loans approved for first-time buyers fell by five per cent to 17,300 in July.
The council attributed this fall in the number of loans to tighter lending criteria and a "wait and see" approach from many potential buyers.
Michael Coogan, director general of the CML, said: "Tighter lending criteria have clearly made it more difficult for first-time buyers to enter the market."
It is "crucial" that the flow of funding to the mortgage market is improved to enable the housing sector to recover, he added.
Responding to the report, the Royal Institution of Chartered Surveyors said mortgage finance is currently "scarce".
With potential homebuyers required to find larger deposits, many are being "squeezed out of the market", it stated.
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