House purchases 'fall by 11% in August'

The number of house purchases in the UK fell by 11 per cent in August compared to the same figure last year, according to the Council of Mortgage Lenders (CML).

Affordability has also become worse for first-time buyers, who typically borrowed over three times their income to get on the property ladder.

Discussing the findings, CML director general Michael Coogan said that, although the figures raised some concerns, there was some hope for the future.

He explained: "Affordability clearly remains challenging but there may be some relief for borrowers with expectations of an interest rate cut, perhaps as early as November.

"Now is the time for consumers to look to improve their credit status to keep their borrowing costs as low as possible."

The release of the CML statistics has come after research found that people buying new homes should expect to spend £11,000 during the first year in their new property.

GE Money Lending's study claimed that the money would be spent on mortgage fees, energy bills and general refurbishments.

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