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First-time buyers prop up fall in lending – BoE

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  • 14/03/2017
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First-time buyers prop up fall in lending – BoE
Residential lending slipped 2.6% in the final three months of 2016 compared to Q3, according to the Bank of England.

Lending also dipped 0.4% when compared to the same period last year.

However, the share of first-time buyers (22%) reached its highest level since 2007.

The bank noted that this coincided with the increase in high loan to value (LTV) lending, but was still significantly lower than the pre-crisis level.

Overall, UK borrowers owed £17.2bn on residential property loans at the end of 2016, down 1.3% from the end of September – again the lowest figure since 2007.

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