§ Mr. HayesTo ask the Deputy Prime Minister what proportion of home buyers were first-time buyers in each year since 1997; and if he will make a statement. [187326]
§ Keith HillThe percentage of house purchases made by first time buyers in the United Kingdomin each year since 1997 is estimated to have been as follows:
Percentage of house purchases made by first time buyers
1997 45 1998 48 1999 47 2000 44 2001 43 2002 38 2003 29 Notes: 1. The CML figures are based on mortgage completions supplied through the Survey of Mortgage Lenders. 2. The figures exclude cash purchases and also exclude mortgage purchases where the type of buyer was not stated. 3. In the context of the Survey of Mortgage Lenders, the term "first-time buyer" refers to those buyers who were not homeowners immediately prior to this purchase. But they might have been homeowners at an earlier stage in their lives. For example someone who, after a period of home ownership, sold up, moved into rented accommodation and is now returning to home ownershipas a "first-time buyer". Source: Council of Mortgage Lenders