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Drop in loans for first-time buyers.

THE number of mortgages handed out to first-time buyers fell to a sevenmonth low in November, banks and building societies have reported. Some 25,900 home loans with a total value of PS3.8 billion were advanced to people taking their first step on the property ladder - marking the lowest number of loans handed out to this sector since last April, figures from the Council of Mortgage Lenders (CML) show.

The number of loans handed out to first-time buyers in November last year tumbled by 11% compared with the previous month and is also 3% lower than the number recorded in November 2013.

The CML's new figures also show that first-time buyers typically needed to put down a deposit of 17% in November, which is an increase on the 16% average deposit they put down the previous month - but still less than the 20% deposit they needed a year earlier.

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Title Annotation:Features
Publication:Huddersfield Daily Examiner (Huddersfield, England)
Date:Jan 15, 2015
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