12 April 2012
The number of first-time buyers getting onto the property ladder slumped to a record low during August, figures have shown.
Just 15,600 people bought their first home during the month, the lowest level since the Council of Mortgage Lenders began to collect data in 2002 and less than half the 34,800 who bought a property in August last year.
The slump was accompanied by a further tightening in lending criteria by lenders, with first-time buyers now putting down average deposits of 16%, the highest level recorded by the CML.
