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Mortgages: First-Time Buyers

Volume 487: debated on Wednesday 28 January 2009

To ask the Secretary of State for Communities and Local Government with reference to the answer to the hon. Member for Bromley and Chislehurst of 30 January 2008, Official Report, column 446W, on mortgages: first-time buyers, what estimate she has made of the number of first-time buyers, excluding sitting tenants, in England who took out mortgages of 100 per cent. or more of the purchase price of the property in (a) each year from 1979 to 2005 and (b) 2007. (251865)

Data on first time buyers (FTBs) using a mortgage are available from the Regulated Mortgage Survey which is supplied to Communities and Local Government by the Council of Mortgage Lenders from 2005. Before this we collected the data ourselves via the Survey of Mortgage Lenders. However, as the survey is a sample, data on the number of FTBs for England are unavailable. However we can derive proportions and these are presented in the following table back to 1980.

Estimated proportion of first time buyers, excluding sitting tenants, that took out 100 per cent. mortgages, in England

Percentage

1980

0.60

1981

1.93

1982

13.17

1983

13.08

1984

10.13

1985

18.65

1986

26.05

1987

12.96

1988

11.02

1989

22.26

1990

27.81

1991

15.94

1992

6.34

1993

1.61

1994

1.27

1995

1.14

1996

1.05

1997

0.94

1998

0.79

1999

0.80

2000

1.01

2001

0.82

2002

0.84

2003

2.38

2004

6.25

2005

6.77

2006

8.29

2007

9.84

Notes:

1. Cases where the mortgage taken out is more than the purchase price have been filtered out due to concerns over data quality.

2. Data from 1982 to 1993 are included although there are concerns over the quality of the data.

Source:

Regulated Mortgage Survey