This represented an increase of 0.02 from the October findings.
Despite rising affordability concerns for FTBs, the CML indicated that the number of FTBs stepping onto the property ladder increased by 5 per cent in November. The CML revealed that the number of loans to FTBs increased from 35,300 in October to 37,000 loans in November.
In its research the CML also revealed that the number of FTBs that paid stamp-duty tax had increased to 56 per cent in November. This represented a rise of 8 per cent from the November 2005 findings.
Commenting on the research, Michael Coogan, director at the CML, said: “Month on month we see affordability constraints becoming more pronounced for first-time buyers, and last week's interest rate rise will increase these pressures. But, first-time buyers are clearly still keen to get on to the property ladder despite the growing financial hurdles.”
However, Kim Barrett, proprietor of KS Barrett & Associates, said he had seen no evidence of a rise in FTBs and added: “Further rate rises will choke off the first-time buyer market. Yet, even if rates rose to 6 per cent, that’s still cheap money. A mortgage at 6 per cent shouldn’t hurt anyone; it’s the peripheral debt people have that’s pulling them down.”
