First-time buyers are still flooding back to the property market, lured by lower interest rates and the Government's mortgage subsidies. Transactions numbered 27,800 in November, up 28 per cent on a year earlier, according to the latest survey by LSL Property Services.
Broader based recovery in housing market dependent on ‘real’ economic growth
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Average household debt is now £54,000 - double the level a decade ago, despite record low interest rates, and ministers fear that failure to pay back loans and credit will leave thousands at risk of losing their home
High numbers of borrowers opting for fixed rates
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Surveyors expect the number of transactions and house prices to continue rising
George Osborne’s £12bn scheme to help first-time buyers could backfire by creating a housing bubble and distorting the economic recovery, MPs warned the Chancellor last night.
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Mortgage lending saw further signs of a “healthy recovery” in August as the value of home loans handed out grew by almost one third year-on-year, banks and building societies have reported.
However, gross mortgage lending is 28 per cent higher than August last year