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,
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.
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