First
time buyers are being squeezed further out of the market, with house sales by
this group down five percentage points, a twenty per cent decrease in the last
month alone, according to the National Association of Estate Agents (NAEA).
The NAEA’s June Housing Market Report shows that the number of first time
buyers dropped to 20 per cent, down from 25 per cent in May 2014 (a 5 per cent
decrease), the lowest level recorded since May 2013. The first time buyer
struggle is reflected in the age of this month’s house buyers, as those aged 18
to 30 represented just three per cent of all house sales in June, the lowest
percentage of young house buyers recorded by the NAEA to-date*.
Nearly 80 per cent of NAEA member agents believe the recent announcement by the
Bank of England governor, Mark Carney, on the cap on high-risk mortgages, which
will see only 15 per cent of new mortgages at 4.5 times a borrower's income,
will affect the number of first-time buyers and home owners looking to move.
Mark Hayward, Managing Director of the National Association of Estate
Agents, said: “Things are getting even tougher for first time buyers. Not
only do you now need to stump up ridiculously large sums of money in terms of
deposits and stamp duty to be able to get on the ladder, but new rules mean
buyers will also have to prove they can easily afford repayments now and in the
future. Alongside this, a scaling back of the governments Help to Buy scheme
and the implementation of the MMR in April will also have a significantly
negative impact on the first time buyer market.”
There is some good news in this month’s NAEA housing report, as June saw an
increase in the average number of properties available per NAEA member branch.
Available properties increased to an average of 46 compared to 44 in May 2014.
The number of properties available per member branch is still historically low,
and has not reached above 50 per month since November 2013, and above 60 since
May 2013.
The average number of house hunters registering with NAEA agents decreased
slightly in June, from an average of 374 house hunters in May to 371 in June.
However, NAEA member agents also reported a decrease in the average number of
sales agreed per branch, down from ten in May to nine in June.
A perfect time to consider a retirement home
29/01/2014
Be Bill Free for Two Years
If you are over 60 and the cost of running your property is ever-increasing, then this is a very good time to buy one of the luxury apartments at Pegasus Court in Wantage. Not only are they warm, welcoming, spacious apartments in a vibrant and friendly community, but if you purchase here before 30th April 2014 PegasusLife will pay your household bills for two years.
Karen Roake of PegasusLife explains: “PegasusLife will pay new owners’ major household bills - council tax, water, electricity bills (which includes heating, light and cooking), ground rent and service charge - for two years if they purchase before the end of April. This is a significant saving for buyers (the average UK household fuel bill is around £1300 per year) so, apart from the active and safe lifestyle on offer here, new buyers should also have some very happy decisions about what to do with the money they have saved with this offer.”
Tim Green of Green & Co estate agents in Wantage says this is a good time to sell: “This year has started very well and we saw constant incremental growth in demand in the latter half of last year across all types of property. However, I know that some people are “waiting to see what happens,” but I would advise against it because it is all too easy to let time slip by and actually gain nothing.”
If you would like to see the show apartment, please call Pegasus Court on 01235 767929 Green & Co on 01235 763562. These apartments are specifically for the over 60’s. Prices are from £179,950.
The first Help toBuy Mortgages have arrived......
14/10/2013
It is fair to say that the government’s announcement to bring forward the release of the second phase of the help to buy scheme a fortnight ago has caused considerable panic amongst mortgage lenders. Since the announcement Banks and Building societies have been frantically trying to decide whether this is an area of lending which they are looking to support, and if so, scrabbling around to design products and the systems needed to cope with these applications.
The good news, if you are a borrower with a 5% deposit, is that these products are now slowly filtering into the market with the Royal Bank of Scotland group (including Natwest) and the Halifax group already having products available and beginning to receive applications.
Other lenders have confirmed their participation in the scheme, however, have yet to release products to the market. This group includes the likes of HSBC, Santander and Virgin money.
Whatever your feelings about the scheme, and its effect on the housing market, the fact remains that at least for the foreseeable future Help to Buy 2 is here…
A sellers guide to everything - including the kitchen sink!
19/06/2013
When it comes to selling your home and moving on, how do you decide what to leave behind? Equally, when you move into a new home – what do you expect the former owners to have left?
Nick Salmon, Head of Estate Agency at independent estate agents and valuers, Harrison Murray, explains.
“There is no doubt that the issue of fixtures and fittings can be very contentious, particularly as there is no law that outlines what should be left in or removed from the house once it has been sold.
Legally, the seller isn’t obliged to leave any fixtures or fittings – and some have been known to unscrew all the light bulbs and even dig up plants from the garden prior to their departure.
This may not be illegal, but would probably cause upset to the buyer if they were unaware!
It is really a case of common sense, and we advise sellers to draw up an inventory stating what is included in the price and what they intend to take. Ideally this should be done early on in the sale process.
Without an inventory it is assumed that fixtures will be left but fittings removed unless previously included in the agent’s details.
Conflict between seller and buyer can be avoided by creating an inventory that states exactly what is included in the sale price and what will be removed.
Think about which fixtures and fittings you actually need. There is no point in arguing to keep a particular curtain rail if you are just going to get rid of it later on. Ensure you have everything in writing and agreed – and above all, be friendly. The other party is much more likely to accommodate your wishes if they like you!
The general rule of thumb is that a fixture is understood to be any item that is permanently fixed to the structure of the building and a fitting is an item that is free standing or hung by a nail or a hook.
For example:
Fixtures
- Light fittings
- Central heating boilers / radiators
- Kitchen units
- Bathroom suites
- Plugs
- Murals
- Built-in wardrobes and cupboards
Fittings
- Carpets
- Curtains and curtain rails
- Free standing ovens, fridges and washing machines
- Lampshades
- Bed / sofas and other free standing items of furniture
- Television aerials and satellite dishes
- Paintings or mirrors that are not bolted but hung or screwed to a wall.
Source - Propertytalk Live
How to deal with property chain problems
13/06/2013
If there’s one thing more stressful than buying or selling a home, it’s doing both at the same time. However, for one in three of us, a property chain is a reality. Last year, around a third of house sales fell through, and the longer the chain, the more chance of long delays or complete collapse. So, if you want to ensure you don’t lose out on your dream house, or thousands of pounds in mortgage, solicitors and survey fees, we've put together some top tips to help you secure your sale, and your purchase.
Because a property chain is largely dependent of the success of all the other buying and selling transactions of each property in the chain, there is often very little you can do to prevent or solve this issue if it’s not related to your buyers or sellers. However, when it comes to selling your current home and buying a new one, you can help to make things easier and quicker and avoid becoming a weak link yourslelf. Here’s our guide to buying and selling in a property chain:
1) Where possible, try to avoid chains – tell your estate agent that you will give preference to a first-time buyer, or someone who has already sold their previous home
2) Make sure you stay organised with your finances and all your paperwork – often sales fall through because tight deadlines are missed, or because the finance can not be secured. Because there is no legal obligation on the buyer until contracts have exchanged, there is always a lot of pressure to make sure this happens as quickly as possible and keep the process moving
3) Get your mortgage agreed in principle, and give preference to potential buyers who have this too – a mortgage lender is less likely to withdraw an offer after an AIP, and it helps give you confidence about what properties you can afford to buy, and that your buyer can also afford to purchase your home
4) Ask to see the paperwork of the buyer below you in the chain – this allows you spot any potential problems, before you accept an offer on your house and before you put in an offer on your new one
5) Consider taking out a bridging loan, to help with any short-fall of cash or unforeseen costs. This can be an expensive way to borrow, especially if its not clear when you will be able to pay it back, but if it helps to avoid the chain collapsing, it will actually save you money in the long term and stop you from losing out on your new home
6) Be prepared to accept a lower offer on your property, particularly if its near a Stamp Duty threshold – most properties sell within a few months, so if you haven’t had many viewings or offers, it could be sign that it is priced too high. You also want to avoid delays to your own purchase, but make sure the new price does not affect your mortgage in principle agreement with your lender
7) Be honest about your own property and don’t hide any problems or issues that are likely to come up in the survey. The survey is usually done quite late on in a transaction, which means that if it reveals something unfavourable and your buyer pulls out, you are right back to square one, and lose all your fees
8) Choose your professional team and get them lined up as early in the process as possible – get recommendations on good local agents and solicitors, as these will be key to keeping your purchase and sale moving
9) Communication, and patience are key. Make sure you keep all parties informed of any developments, and insist the same from your seller and your buyer, so that at the first sign of any problems, you can take action quickly
10) Finally, you could break the chain altogether, by selling your current home and moving into a rented property, or with friends/family. This will put you in a cash-buying, chain-free position, so you are much more appealing option for a vendor, and you can use this to your advantage to negotiate a good price. However, be aware that the vendor may also be looking to buy a property and so there could be a chain above you.
Landlords hungry for advice
13/06/2013
Landlords across the country are hungry for help and advice according to a survey commissioned by specialist buy-to-let lender Paragon Mortgages.
The Q1 BDRC Landlords Panel has shown that 78% of those surveyed have a significant requirement for advice on landlord matters rising to 89% for those owning more than 11 properties.
According to the report, recent changes to legislation and tax have only fuelled landlords’ desire for more help and advice, with 46% saying they were finding it difficult to keep up with changes to legislation and a further 43% saying they were worried about the impact of Universal Credit on the Private Rented Sector (PRS).
Almost all (90%) of those surveyed said that they believe taxes and regulation, coupled with the recent announcements in the Queen’s Speech which charge landlords with the need to check the immigration status of their tenants, will make being a landlord tougher in the coming months. Of those surveyed, 54% predict that additional licensing will hit them hardest, along with 53% believing Capital Gains Tax will have the biggest impact and 49% concerned about Council Tax.
John Heron, Director of Mortgages, said: “It’s interesting to note that although many of the landlords surveyed were greatly experienced, having owned buy-to-let properties for a considerable time, there is still a need across the board for information, help and advice. Of course the buy-to-let landscape never stays the same, and new regulations affect professional landlords just as much as they do those who are relative newcomers to the market.
“Paragon would always advise our customers, experienced or otherwise, to do their homework before they commit to buy a rental property – research the market, the area and also their obligations as landlords.
“Buy-to-let isn’t a short-term investment – many of our customers have been landlords for more than two decades, and see their portfolios as an alternative to a pension when they retire."
Source - Property Talk Live
Advice to landlords is to ensure that they use agents that belong to professional organisations such as the Association of Residential Letting Agents whoare able to offer reliable support to both new and experienced landlords.
Green & Co. are proud sponsors of Ox-Fest 2013
16/05/2013
Green & Co. announce their proud sponsorship of Ox-Fest 2013.
Ox Fest is a 3 day family festival of live music and fun for all ages, in the beautiful Oxfordshire countryside, at Carswell Golf & Country Club, A420, Carswell, SN7 8PU from 12 - 14 July 2013. This fresh new festival is a celebration of all that's good about Oxfordshire showcasing local talent, performers, live tribute bands and artists plus quality food and drink from local suppliers and Award Winning pubs and restaurants.
Ox Fest includes some of the top tribute bands in the UK, if not the world. The tribute bands that will perform have been chosen specifically to appeal to a wide range of age groups, so there is something for everyone to enjoy. Local performers, bands and artists will perform alongside the professional tribute bands on the Main Stage for which the audience will all be under cover as they will be for the Acoustic Stage in The Giant Tipi Bar. So no matter what the weather they have it covered!
Ox Fest - is not just about live music and there are many attractions and activities for big kids of all ages, including children, teenagers, young adults, the more mature, retired and pensioners. It's an opportunity for families and local communities to meet up with friends in a safe, family friendly environment.
For more information including details of the 1000 FREE tickets for the opening Night visit:
According to the latest CML data, the number of first-time buyers rose 17% in February 2013, compared with February 2012, and has almost doubled (93% higher) since the trough of the market in January 2009. However, figures are still 59% lower than the height of the market in June 2006.
The total value of house purchases by first-time buyers in 2012 was £26.5billion. This was less than half the amount in 2006 (£54.4 billion) but 10% more than the amount in 2009 (£24billion).
The economic impact of first-time buyers
Each first time buyer also make an average additional spend of £8,000 when buying a property, taking into account moving costs and furnishing their new homes. Add in stamp duty and the total amount spent in 2012 equated to an estimated £1.9 billion.
First-time buyers spend, on average, around £3,000 in legal fees, valuation fees and other costs. In 2012, first-time buyers spent an estimated £635 million on these moving costs; £68 million more than in 2011. By comparison, first-time buyers spent an £585 million a year on moving costs at the trough of the housing market between 2008 and 2009.
Furnishing a first home also adds to the expense. Spending on household durables such as white goods, curtains and carpets as well as home improvements is estimated at an average £5,0003. First-time buyers spent a total of £1 billion in 2012 on such items which is £115 million more than in 2011. The 2012 spend is half than the estimated £2 billion in 2006 but slightly more than the estimated £960 million in 2008.
During 2012, it is also estimated that first-time buyers generated £270 million in revenue for the Exchequer through stamp duty.
Kick starting housing chains has additional economic impacts
First-time buyers are also important in enabling others who already own their own home to move up the chain. Lloyds TSB estimates that first-time buyers supported approximately 500,000 home moves in 2012. These home movers typically spend more on the costs of moving than first-time buyers (around £9,000 on average).
Home movers are also likely to spend more on renovation and household durables - although much of this will be at the expense of future spending, simply causing them to spend these sums when they move rather than later.
The Exchequer benefitted from £4.2 billion in stamp duty revenues in 2011/2012, a figure which would be harder to achieve without first-time buyers initiating those house moving chains.
Budget reaction from the RICS (Royal Institute of Chartered Surveyors)
21/03/2013
RICS Chief Economist Simon Rubinsohn;
"The range of measures announced under the ‘Help to Buy’ scheme to kick start the housing market are much needed. Helping those who can’t afford large deposits by using the Government’s balance sheet to guarantee mortgages and using capital savings to offer shared equity loans on new... build for all buyers will help prevent prolonged market stagnation - although it presents a significant risk to Government.
"The devil will be in the detail about how the Government will treat buy-to-let and those in negative equity. RICS will monitor the impact on the market and prices. However, Government need to be careful this doesn’t create another housing bubble -pushing prices up at the expense of buyers.
"Once again, the Chancellor has reeled off the two infrastructure projects that Government has actually started - Hinkley Point and Battersea Power Station - and vaguely referenced others that are in the pipeline and will one day receive private investment through previously announced guarantee schemes and the much trailed Pension Infrastructure Platform. The £3bn a year announced by the Chancellor is welcome but will not come on stream until 2015-16 - far too late for many businesses that are struggling now.
"Our members have told us repeatedly that the success of infrastructure projects are about delivery on the ground. RICS believe Government should spend more time and resources in supporting business to gain access to these public sector projects.
"The Government has largely failed to realise that infrastructure projects don’t need to be big to be effective in creating growth. In fact small might very well be beautiful. Across the regions and the nations it’s the smaller repair, maintenance and upgrade projects which can be picked up by medium and small construction businesses. Rail maintenance and school refurbishment are just two areas where a small amount of capital investment would quickly deliver great benefits.
"The Chancellor says he is actively considering extending funding for the Funding for Lending Scheme FLS - RICS would urge him to act now. We are confident that an extension of the FLS would assist more would-be homeowners and small businesses. While the FLS has been a key part of the beginning of improving conditions in the housing market, it’s hardly surprising that banks remain more willing to lend on residential mortgages rather than small businesses.
"Government needs to take a long hard look at the FLS as small businesses are the engine of the UK’s economic recovery. In all, a rather lacklustre statement from the Chancellor, which will do little deliver much for the economy in the near term.
"It’s time Government listened to what voters and businesses desperately need in order to make a real impact at a grass roots level."
Green & Co. are recruiting
18/09/2012
We are looking for a weekend receptionist to join our busy House Sales team based at the Wantage office. The successful applicant need not have previous Property World experience but must be mature, professional and a very good communicator. Computer literacy is very important but specific training will also be given. In the first instance please send your CV to tim.green@greenand.co.uk
Congratulations to Lorraine Mulford - NFoPP Tech Award
31/08/2012
Lorraine Mulford Lettings Negotiator with our Residential Lettings Team has successfully passed the NFoPP Technical Award in Residential Letting and Property Management. This well respected Award is not only a nationally recognised industry qualification but is also an entry requirement of the Association of Residential Letting Agents (ARLA) of which Green & Co. is a member. ARLA is the only professional, self - regulating body specialising in raising and maintaining practice standards in the UK private rental sector.
Paul Frankel - Residential Lettings Manager who works alongside Lorraine at Green & Co. said ‘ This is no small achievement by Lorraine and she has put in a great deal of work to secure the Award . I strongly believe that local landlords and tenants will vote with their feet in support of an agency that is staffed by hard-working property professionals.’
How to become a successful first time landlord
20/04/2012
With rents close to record levels across virtually all UK regions it is not, on the face of it, a bad time to be a landlord.
Continuing difficulties in the housing market are forcing many would-be sellers unable to find a buyer to look at alternative ways of dealing with their property problem.
More often than not owners in this position opt to rent out their home - thus joining the ranks of the so-called "accidental landlord".
Numbers of accidental landlords have increased sharply in recent years, reflecting the general lack of activity in the property sector - particularly in the past few months.
Towards the end of 2011 statistics from the Association of Residential Lettings Agents (ARLA) showed that around 47% of its member agents surveyed had seen an increase in "unplanned" lettings in Q3.
Figures vary for different parts of the country but the overall trend is a steady rise in accidental landlord numbers. But the unsuspecting and the inexperienced can find themselves in all sorts of bother if they are not careful: out of pocket or with damaged property. Or both. Or worse.
Many first-time landlords are seduced by the prospect of being able to generate decent returns with little effort. After all, it is simply a case of find a tenant, sign them up and watch the money roll in. And that is their first mistake.
Tenant demand is very strong in the current market - hence the high rental returns. So what could possibly go wrong?
Here Steve Verrall, director of specialist insurance provider Discount Landlord http://www.discountlandlord.co.uk/ considers a number of the major mistakes which can be made by inexperienced first-time landlords – particularly the so-called "accidental landlords".
He explains how best to deal with these problems and, in many cases, how to avoid them in the first instance...
"Becoming a landlord for the first time can - and should - be quite a daunting prospect. If you are not concerned about potential problems then you will not be in the best position to prevent them happening.
"Nobody wants to have a difficult time but you have to face up to the fact that being a landlord is not always easy. That said there are steps you can take to make matters run smoother for yourself."
1 Is there actually demand for rental property in your area?
"Beware generalising the market. With a little research, first-time landlords will quickly become aware that the rental sector is growing both in terms of demand from tenants and also rent paid," Verrall said.
"However, it does not follow that this is the same in all areas of the country - or in all parts of those areas. Somewhere with a major university population may not have much serious demand for families looking for a large home to rent.
"Equally a let aimed at professional tenants may not attract its target market if it is away from public transport or have no parking facilities.
"Successful professional landlords know their target tenants and ensure the property they let fits perfectly the requirements of their prospective tenants.
"Those marketing family homes should be close to schools or other amenities used by families and be located in areas populated by other families. If the location of your property is unlikely to attract your target market then you could struggle with renting. Should that be the case then selling could still be your best option."
2 Use a reputable lettings agent
"The right lettings agent will manage the entire process for you. They will charge but those fees are tax deductable. Speak to other landlords in your area and find out who they recommend and use the internet to investigate further if necessary. Visit the agent and talk to them," Verrall said.
"Always make sure you choose an agent who is a member of a recognised professional body such as the Association of Residential Letting Agents."
3 Suitable tenants
"Perhaps more than any other element of renting, getting the right tenant is most important. A good tenant will always pay the rent on time and respect your property. An awkward tenant can do precisely the opposite and cause no end of heartache and financial woe for landlords," Verrall said.
"References are crucial - not just from the tenant's current landlord but also, from their previous one if that is possible. Remember, the current landlord may be so desperate to get rid of them they will tell you anything.
"Get bank statements and employment details and find out as much about your prospective tenant as possible. Choosing the right tenant is where having the services of a reputable lettings agent will really help.
"They should sift out the bad/problem applicants for you. When they - or you - think you have found the perfect tenant make sure you meet them face to face. Not only will this help confirm matters one way or another but also it should help get landlord-tenant relations off to the best possible start should you decide to go ahead as neither will be strangers to the other.
"As the tenancy begins this should make dealing with any matters which might arise that much more straightforward.
"Problem tenants can be a landlord's worst nightmare - refusing to pay rent or to move out or causing serious damage to the property. This can happen, although by using a reputable lettings agency and carefully screening your tenants before they sign on the dotted line you can minimise the chances of this occurring.
"Landlords should also make sure they take out specialist cover such as the rent guarantee insurance http://www.discountlandlord.co.uk/rent-legal-insurance.html offered by Discount Landlord which covers rent payments and legal costs should tenants default."
4 Look after your tenants
"Ensure the property is clean, tidy and all appliances are in full working order when your tenants move in. If necessary make sure the place has been decorated and that any furniture you supply is of decent quality," Verrall said.
"A tenant is more likely to look after a property in good condition than one which has seen better days already. Don't buy cheap furniture as it will look shoddy quickly and is unlikely to last.
"Many accidental landlords will be letting out property furnished - make sure you remove items of sentimental value before the tenant moves in and consider putting some of your belongings in storage if you are worried about damage as things will occasionally get broken.
"Deal with any problems or complaints raised by the tenant quickly and professionally. Do not expect them to wait in all day for a plumber to fix the heating system. Remember, it is your property, so you must wait, not the tenant.
"On moving in day leave a welcome note and small gift such as champagne, chocolates or flowers for your tenants."
5 Know the law
"Landlords have many responsibilities and legal obligations towards their tenants. Make sure you know and abide by them for the sake of both parties. If you are an accidental landlord make sure your lender knows what you are doing - otherwise you could get into trouble," Verrall said.
"Similarly with home and contents insurance – regular home insurance policies will not usually cover your home if it is let and specialist cover such as that offered by Discount Landlord could be required.
"Safety issues are numerous and must be complied with. Likewise energy performance.
"You will also need to ensure your tenant's deposit is protected in a regulated scheme."
6 Ensure proper safeguards
"Protect your property and its contents by taking a full inventory before the tenant moves in. Make a record of what is inside the property and its condition and agree this with tenant," Verrall said.
"Take photographs or even video footage to provide evidence that is difficult to dispute. Expect reasonable wear and tear on furnishings and other items.
"Also make sure you take out landlord content insurance in case any damage occurs."
7 Don't end up out of pocket
"Being a landlord is not a licence to print money - even if you have no mortgage. You will still need to pay agent's fees if you have taken on their services plus there will be many other running costs," Verrall said.
"Make sure you put some money aside in an emergency fund in case there is a major problem with the house such as boiler replacement or a new roof.
"What is left in terms of earnings from rent is still subject to tax - although many expenses are tax deductable.
"Getting the right Insurance cover is also crucial. Without it, if something serious does go wrong your profit for the year - or several years - could be lost.
"Discount Landlord offers a range of specialist insurance products tailored for landlords. These provide comprehensive protection against a range of potential problems and give peace of mind to landlords, helping those both accidental and professional to sleep soundly at night knowing their investment is safe.
"Being a landlord can be highly rewarding. Many accidental landlords continue to let out property on a professional basis even after the circumstances which saw them turn to letting in the first place change.
"Remember, the landlords who get the best results from letting are the ones who follow the rules and look after their tenants, protect themselves and their property."
Source - PropertytalkLive - 20 April 2012
First Time Buyers Rush For Last Months Stamp Duty Concession
15/02/2012
First-time buyers rush for last months of stamp duty concession. The number of first-time buyers, who are currently exempt from paying stamp duty on properties up to £250.000, increased in December, according to data released by the Council of Mortgage Lenders. There were 18,700 loans advanced, worth £2.3 billion, up 7 per cent by volume and 10 per cent by value, from November. There was also an increase in the proportion of properties (from 50 per cent to 53 per cent) bought by first-time buyers within the price band currently exempt from stamp duty, making it likely they are beginning to rush through purchases before the concession ends in March. Lending to movers, however, experienced a seasonal decrease in December from 29,300, worth £4.8 billion, in November to 28,700, worth £4.6 billion. Overall, December saw an almost unchanged house purchase market from November. House purchasers took out 47,400 loans, worth £6.9 billion, a 1 per cent increase in volume, with no change in the value, from the previous month and 7 per cent up (8 per cent in value) from December 2010. The number of loans for remortgage however declined 15 per cent (14 per cent by value) from November but the 28,100 loans, worth £3.6 billion, taken out increased by 10 per cent in volume (16 per cent in value) from December 2010 following a low period for remortgaging. It was a mixed picture for the mortgage market in 2011 as a whole. Remortgage lending increased by 17 per cent from 2010 to £47 billion, while house purchase lending, at £75 billion, was 6 per cent down on the previous year. Within the house purchase market, lending to both first-time buyers and movers fell in 2011 but first-time buyers fared slightly better. There were 193,000 loans, worth £23.4 billion, taken out by first-time buyers in 2011, down from 200,100 loans, worth £23.9 billion, in 2010 (a 4 per cent fall by volume and 2 per cent by value). Movers took out 316,500 loans, worth £51.4 billion, last year, down from 343,200, worth £55.1 billion, in 2010 (down 8 per cent by volume, 7 per cent by value). Paul Smee, CML director general, said, “We have been expecting a flow of first-time buyers onto the market as the stamp duty exemption ends in March; December’s figures appear to show this has now begun. “The market in 2011, while still subdued, saw a welcome increase in annual gross lending for the first time since 2007, when the financial crisis began. With the Eurozone problems still rumbling on however, we believe there is still a real risk that this year's lending levels will be lower than those seen in 2011.” Source: Jungle Drum