The number of loans for house purchases fell by 9% in April 2006, so says recent data from the Council of Mortgage Lenders .
April saw 83,100 loans for house purchases, down 9% from March's figure of 91,400, yet 6% higher that recorded in April 2005.
The decrease reverses the upward curve in mortgage lending for house purchases since the beginning of the year, 69,600 in January, 71,300 in February, followed by the large rise in March.
Loans for first time buyers were 30,700 in April, a decrease of 12% on March's figure yet almost the same as April 2005's 30,600, although in April 2005 the market was at a low .
The average first time buyer borrowed £106,400 in April 2006, an increase from £103,839 in March, although significantly higher than £94,995 in April 2005.
First time buyers borrowed 3.21 times their income to secure their mortgages , up from 3.15 times last month.
April saw fixed rate mortgages account for 71% of all loans for house purchase as well as remortgage, 2% higher than in March and 17% more than in April 2005.
The affirmative take up of fixed rate deals is encouraging as consumers attain confidence in their mortgage payments, thus allowing them to plan for their financial future.
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Lending for Mortgages Falls
Wed, 19 Jul 2006
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