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The number of mortgages agreed by lenders for first-time buyers in the UK has hit an all time low, says specialist provider Firstrung.
The latest data from the Council of Mortgage Lenders has revealed 28 per cent fewer mortgages were agreed in January 2009 than the previous month.
Paul Holmes, Firstrung’s chief executive officer, says a claim by the National Association of Estate Agents (NAEA) that prices of two bedroom properties are rising is nothing more than "some positive pr from whatever angle they can find".
"It is the worst figures we have ever seen produced in relation to first-time buyers, so that does not support the NAEA’s theory that all of a sudden there is a boom in two-bedroom properties," Mr Holmes explained.
With mortgages harder to come by and UK prices still relatively high, it is not surprising that people often seek life abroad as an expatriate.
It is not only far flung destinations that attract UK residents, according to the Office for National Statistics Spain and France attracted one in four British expatriates.
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