First time buyers in London sent a noteworthy message to those watching the housing market there recently.  They posted a mortgage application number which was at a level not seen since the last quarter of 2009, according to the Council of Mortgage Lenders.  The group of potential home buyers applied for around 10,000 mortgagers.  An explosion in the number of applications occurred between the second and third quarters this year.  Surprisingly, producing a deposit for houses occurred with more success during this time as it has created quite a roadblock in the process in the last several months.

The London region is continuing its success rate of home buying and ownership.  While the average first time home buyer across the UK brings in an income of about 35,000 pounds, Londoners tower above that average at 50,000 pounds.

CML director general Paul Smee commented on the success rate of housing within the London area, saying: “The London housing market faces similar issues to the rest of the UK in terms of a lack of supply and affordability, yet different demographics, population flows and tenure patterns mean that it is also unique.”

Smee continued: “With the Mayor now directly responsible for housing strategy and investment in London, we look forward to seeing his finalised London Housing Strategy. Lenders want to be recognised as part of the solution and we will work constructively with the government and the GLA on deliverable solutions to London’s housing challenges.”

CML Scotland chairman Iain Malloch commented on the success rate of the FLS into the near future, saying: “The boost in first-time buyers is encouraging but the rest of the market still remains broadly flat. The Funding for Lending scheme is likely to assist with growth going forward and we welcome the MI New Home scheme – enabling people to access higher loan-to-value mortgages on new build properties – but it is still too early to see any meaningful effects flowing into the market as yet.”