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September 1, 2010
It Is Getting Harder For First Time Buyers
Mortgage lending fell sharply in July, fuelling concerns that Britain’s banks are turning away first time buyers and preventing a recovery in the property market.
According to Bank of England figures net lending fell sharply from June’s £518m to £86m, the fourth-lowest monthly lending figure since records began in 1993.
However this may lead to a stronger rental market as more and more can not get mortgages and will have to opt to rent.