Loans to first-time buyers fall in July

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The number of loans taken out by first-time buyers fell by 7 per cent in July, according to the Council of Mortgage Lenders (CML).

The Council found that the total amount of money lent out for house purchases across the month had almost reached the £15 billion mark, while the amount released for remortgaging hit £11.5 billion.

It was also revealed that fixed rates now account for 79 per cent of the house buying and remortgage market.

Commenting on the results, CML director general Michael Coogan played down any concerns which may arise from the findings:

"A slight fall in lending between June and July has emerged for the third year in a row, so of course we cannot read too much into a single month's figures. But the long-anticipated slowdown in the mortgage markets may now be beginning to materialise."

The CML's findings have been released after government figures found that house prices rose by 2 per cent in July. The figures from the Department of Communities and Local Government also claimed that the average price for a house in the UK is £218,479.

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