‘UK first-time home buyers at record low’

most affordable levels in eight years, mortgage lender Halifax said in a survey yesterday.
Halifax, part of Lloyds Banking Group, estimated there were around 187 000 first-time home buyers in 2011 – down 7 percent from 2010 and representing the lowest annual total since its records began in 1974.
The findings come a month after Conservative Finance Minister George Osborne announced plans to help Britons onto the property ladder, with the housing market hit by the country’s economic slowdown.
Osborne said the Conservative/Liberal Democrat coalition government would provide a mortgage guarantee scheme to help struggling first-time buyers put down deposits for property loans.
Many banks have tightened up their mortgage lending criteria after the 2007-2008 credit crisis, which began when loans made to poorer home owners in the United States began to default.
Britain has also proposed stricter mortgage lending rules to prevent a recurrence of irresponsible lending practices that led to the crisis.
The Financial Services Authority regulator outlined proposals this month for more thorough checks on mortgage applications, after the industry was blighted by so-called “liar loans” – self-certified mortgages whereby the borrower was able to obtain a mortgage without giving any proof of income. – Reuters.