Looking back, we can see that the turn of the year represented the low point of the current housing market correction. In the first three months of this year, fewer than 30,000 mortgages were taken out by first-time buyers, compared with an average just before the credit crunch approaching 100,000 a quarter. It was the lowest quarterly figure recorded in the 35 years we have been collecting data.

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.Article by the Council of Mortgage Lenders.
Data sourced from the CML/BankSearch Regulated Mortgage Survey.