First-Time Buyers Booming in the United Kingdom

Though the United Kingdom is currently in the spotlight as host for the ""2012 Olympic Games"":www.london2012.com/, British lenders have their own reason to celebrate this summer, following the release of a study that shows a significant uptick in first-time homebuyers.

The ""Council of Mortgage Lenders"":www.cml.org.uk/ in Manchester, England, is reporting that the number of first-time mortgage loan recipients in the country is up 22 percent year-over-year.

Additionally, the total number of first-time homebuyers in the U.K. rose by 23 percent between 2011 and 2012. However, the Council of Mortgage Lenders also noted that the number of first-time sellers is declining, generating less inventory and creating lower affordability levels due to heavy competition among those seeking to purchase flats in lower price ranges.

""Fewer people are willing to part with their home once they secure their first property, meaning that the few affordable flats,

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apartments and houses are in high demand,"" the Council of Mortgage Lenders said in an official statement regarding its recent findings.

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