The Cml Has Claimed The Statisticss Of Mortgages Approved For In First-time Home Buyers Jumped Towar

The CML recently claimed the frequency of mortgages approved for in first-time property

buyers spiralled upwards towards the end of the previous year with 18,700 property loans in December, which was a 7 percent rise from November and fourteen percent which was up on December 2010.

Both the Council of Mortgage Lenders and RICS feel the influx is to beat the deadline before the end of their 1 percent stamp duty leave in March on houses under 250,000 with current statistics from Her Majesties Revenue and Customs indicating that, first time buyers acquiring a house are ramping up the house market in turn to beat the March 24th cut off date for the end of the Stamp Duty break.'

Additionally, the governing trade body NAEA has claimed a diminutive rise in the figure of house transactions to first-timers, reporting that in January transactions were up to 2 percent compare with December home dealings furthering the proof that the first six months to the year could be optimistic.

Michael Newey, RICS housing delegate, said: "The fact that first-timers will no longer be exempt from stamp duty has to have encouraged at least some of the population in that group to try and buy a house prior to the deadline. As a upshot, surveyors are relatively positive for the coming months."

governing trade body NAEA president Wendy Evans-Scott noted: "first-timers appear to be benefitting of the Stamp Duty break before it ceases in March."

Although there is the very apparent risk that the situation could lead to a lull in deals in the new tax year resulting in more fluctuations in home prices as new homeowners, yet again, need to produce substantially larger wallets to jump on the housing ladder. Join this with various other fears in the financial market as a whole at current times creates a foundation for a very precarious 2012.

David Whittaker, of MBMB, said: "There is a very real danger that the end of the first-timers stamp duty holiday will cause the beginning of a new burst at the lower region of the house market as a hurry to complete sales before the due date is preceeded by an activity decline."

"We have been seeing signs a flow of first time buyers on to the market, as the stamp duty break ends in March, and December's findings appear to indicate this has now come to light," said Paul Smee, the council of mortgage lenders director general.

"With the eurozone problems still continuing on, however, we feel there is still a concern that this year's lending levels will be lower than those reported in 2011."

Although the deputy Chancellor George Osbourne said that the tax break that was announced under the labour government had not been the success as many people had hoped and stated the termination of the exemption in March this year. It remains to be seen if there will be any change of decision in the upcoming budget.

by: iann7g10la

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