First-time buyers fall by more than 50%

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Numbers of first-time buyers have fallen by 51 per cent, with 13,400 loans were given out to first-time buyers last month, compared to 28,200 in September last year, according to the Council of Mortgage Lenders (CML).

In the third quarter of this year, there were 44,500 first-time buyers, the number of first-time buyers in 2001 was almost four times this number.

Reuters reports that house prices fell 5.1 per cent compared to the year before in September.

The average house price in September was £208,583, according to the Department of Communities and Local Government.

The average first-time buyer now pays around £24,000 for a deposit on a £150,000 property.

A higher threshold for paying stamp duty has meant 51 per cent of buyers were able to avoid the payment, compared with only 22 per cent in September last year, the CML has said.

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