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Brits 'stuck in the rent trap'

A new report today claims Britain's reputation as a nation of homeowners is coming to an end - and that a generation of would-be first time buyers are stuck in rented accommodation.

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CML: Mortgages for first-time buyers fall in April

  • Some 19,400 loans worth £2.5 billion were taken out by first-time buyers in April, a 1% decrease on the previous month.
  • Activity among first-time buyers in the first four months of the year has been stronger than during the same period a year ago, with 11% more loans advanced.
  • First-time buyers made up 46% of all loans to home buyers in April, "considerably" higher than the 38% average seen since 2007.
  • Lending was two-thirds higher in April than in the same month last year, although the ending of a stamp duty concession for this sector distorted the market.
  • The latest figures also show that first-time buyers now need to put down a 19% deposit on average, compared with 20% in March
  • Mortgage availability has shown a sharp increase since last August and lenders have slashed their rates since the Government launched a scheme to help boost the market.

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