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Hennessy Bowie Solicitors News

Hennessy Bowie & Co has been practising in Bishopbriggs for some twenty five years, principally in the areas of domestic conveyancing, commercial conveyancing, commercial leasing, executries and matters relating to care for the elderly,

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More first-time buyers

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The number of first-time buyers reached its largest yearly total in five years, according to new data from the Council of Mortgage Lenders (CML). This shows that 216,200 first-time buyers became homeowners in 2012 - the first time the annual total has exceeded 200,000 since 2007.

According to the CML, this is a year-on-year rise of 12% on 2011, when 193,000 loans were advanced.

Looking at the figures in more detail, a total of 19,100 loans were advanced to first-time buyers in December. This is a 12% drop compared to November but up by 3% on the same period in 2011. By value, loans to first-time buyers totalled £2.4 million - an 11% fall on the previous month.

The figures for the fourth quarter of 2012 as a whole also show a strengthening trend: there were 60,500 loans advanced in the last quarter of 2012, worth £7.6 billion, an 8% increase from the third quarter and up by 14% compared to the fourth quarter of 2011.

In fact, in the fourth quarter, first-time buyers accounted for 42% of all house purchase lending. This is above the 38% typically seen.

 

Hennessy Bowie & Co has been practising in Bishopbriggs for some twenty five years, principally in the areas of domestic conveyancing, commercial conveyancing, commercial leasing, executries and matters relating to care for the elderly.

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